EUR/USD Intraday: key resistance at 1.1020

Swissquote Bank Research Team Swissquote Bank Ltd

EUR/USD

Key resistance at 1.1020

Stay on top of the markets with Swissquote’s News & Analysis

Pivot (invalidation): 1.1020

Our preference
Short positions below 1.1020 with targets at 1.1000 & 1.0985 in extension.

Alternative scenario
Above 1.1020 look for further upside with 1.1035 & 1.1055 as targets.

Comment
The upward potential is likely to be limited by the resistance at 1.1020.

GBP/USD

Watch 1.2290

Pivot (invalidation): 1.2350

Our preference
Short positions below 1.2350 with targets at 1.2310 & 1.2290 in extension.

Alternative scenario
Above 1.2350 look for further upside with 1.2375 & 1.2400 as targets.

Comment
As Long as the resistance at 1.2350 is not surpassed, the risk of the break below 1.2310 remains high.

USD/JPY

Watch 108.50

Pivot (invalidation): 107.80

Our preference
Long positions above 107.80 with targets at 108.25 & 108.50 in extension.

Alternative scenario
Below 107.80 look for further downside with 107.65 & 107.45 as targets.

Comment
The RSI calls for a new upleg.

Author

Swissquote Bank Research Team

Swissquote Bank Ltd

EUR/USD stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.