TRENDING:

XAU/USD

Silver

USDTRY Intraday: Technical rebound in a bearish trend

Swissquote Bank Research Team Swissquote Bank Ltd

USD/CHF

The downside prevails.

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Pivot (invalidation): 0.9895

Our preference
Short positions below 0.9895 with targets at 0.9850 & 0.9820 in extension.

Alternative scenario
Above 0.9895 look for further upside with 0.9920 & 0.9935 as targets.

Comment
The RSI has broken down its 30 level.

USD/CAD

Further upside.

Pivot (invalidation): 1.3010

Our preference
Long positions above 1.3010 with targets at 1.3080 & 1.3120 in extension.

Alternative scenario
Below 1.3010 look for further downside with 1.2980 & 1.2950 as targets.

Comment
The RSI is bullish and calls for further upside.

AUD/USD

Key resistance at 0.7085.

Pivot (invalidation): 0.7085

Our preference
Short positions below 0.7085 with targets at 0.7055 & 0.7040 in extension.

Alternative scenario
Above 0.7085 look for further upside with 0.7105 & 0.7130 as targets.

Comment
A break below 0.7055 would trigger a drop towards 0.7040.

USD/TRY

Technical rebound in a bearish trend.

Pivot (invalidation): 6.0980

Our preference
Short positions below 6.0980 with targets at 6.0490 & 6.0200 in extension.

Alternative scenario
Above 6.0980 look for further upside with 6.1330 & 6.1575 as targets.

Comment
Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

Author

Swissquote Bank Research Team

Swissquote Bank Ltd

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold: Volatility persists in commodity space

After losing more than 8% to end the previous week, Gold remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000. The US economic calendar will feature Nonfarm Payrolls and Consumer Price Index data for January, which could influence the market pricing of the Federal Reserve’s policy outlook and impact Gold’s performance.

Week ahead: US NFP and CPI data to shake Fed cut bets, Japan election looms

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.