GBP/CHF and AUD/CHF looking at long-term resistance [Video]

Brad Alexander FX Large Limited

It was easy to spot resistance this morning on GBPCHF on the 4-Hour chart and we see what might be an ascending triangle forming.

Also, if we zoom out to the Daily chart we see that the current price of 1.217 is a key level and if we look at out post-COVID Fibonacci we see that we are at the 61.8% level.

If we break above we have a long way to go.

If we break below, watch out for support but either way, we have some good opportunities here.

Last week we looked at NZDUSD on the Weekly chart and, as we thought, price broke resistance from almost 2 years ago and is at a key level from 4 years ago.

We are continuing to watch Silver on the Daily chart and price action is consolidating but short-term bearish action may see price fall to support at around $22.70.

As well, we can see the Fibonacci support near the same price at the 38.2% level.

We saw Swiss franc weakness earlier and looking at AUDCHF we see this ascending triangle and price action at resistance.

If we zoom out to the Daily chart we see resistance from June of this year so we may have some room to move if you are long on AUDCHF.

Author

Brad Alexander

FX Large Limited

Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.

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 holds gains near $5,000 as China's gold buying drives demand

Gold price clings to the latest uptick near $5,000 in Asian trading on Monday. The precious metal holds its recovery amid a weaker US Dollar and rising demand from the Chinese central bank. The delayed release of the US employment report for January will be in the spotlight later this week.

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.