TRENDING:

XAU/USD

Silver

USD/CAD Intraday: the upside prevails

Swissquote Bank Research Team Swissquote Bank Ltd

USD/CHF

The bias remains bullish.

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

Pivot (invalidation): 0.9690

Our preference
Long positions above 0.9690 with targets at 0.9720 & 0.9730 in extension.

Alternative scenario
Below 0.9690 look for further downside with 0.9680 & 0.9665 as targets.

Comment
Technically the RSI is above its neutrality area at 50.

USD/CAD

The upside prevails.

Pivot (invalidation): 1.3140

Our preference
Long positions above 1.3140 with targets at 1.3170 & 1.3190 in extension.

Alternative scenario
Below 1.3140 look for further downside with 1.3120 & 1.3100 as targets.

Comment
The RSI lacks downward momentum.

AUD/USD

Under pressure.

Pivot (invalidation): 0.6825

Our preference
Short positions below 0.6825 with targets at 0.6790 & 0.6770 in extension.

Alternative scenario
Above 0.6825 look for further upside with 0.6840 & 0.6855 as targets.

Comment
As Long as 0.6825 is resistance, look for choppy price action with a bearish bias.

USD/TRY

Further upside.

Pivot (invalidation): 5.9320

Our preference
Long positions above 5.9320 with targets at 5.9570 & 5.9680 in extension.

Alternative scenario
Below 5.9320 look for further downside with 5.9190 & 5.9090 as targets.

Comment
Technically the RSI is above its neutrality area at 50.

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.