TRENDING:

XAU/USD

Silver

USD/CAD Intraday: target 1.3270

Swissquote Bank Research Team Swissquote Bank Ltd

USD/CHF

Under pressure.

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

Pivot (invalidation): 0.9890

Our preference
Short positions below 0.9890 with targets at 0.9850 & 0.9830 in extension.

Alternative scenario
Above 0.9890 look for further upside with 0.9905 & 0.9925 as targets.

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

USD/CAD

Target 1.3270.

Pivot (invalidation): 1.3300

Our preference
Short positions below 1.3300 with targets at 1.3280 & 1.3270 in extension.

Alternative scenario
Above 1.3300 look for further upside with 1.3310 & 1.3320 as targets.

Comment
A break below 1.3280 would trigger a drop towards 1.3270.

AUD/USD

The downside prevails.

Pivot (invalidation): 0.6845

Our preference
Short positions below 0.6845 with targets at 0.6810 & 0.6790 in extension.

Alternative scenario
Above 0.6845 look for further upside with 0.6860 & 0.6875 as targets.

Comment
The immediate trend remains down and the momentum is strong.

USD/TRY

5.7270 expected.

Pivot (invalidation): 5.7510

Our preference
Short positions below 5.7510 with targets at 5.7360 & 5.7270 in extension.

Alternative scenario
Above 5.7510 look for further upside with 5.7640 & 5.7720 as targets.

Comment
A break below 5.7360 would trigger a drop towards 5.7270.

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.