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XAU/USD

Silver

USD/CHF intraday: Further upside

Swissquote Bank Research Team Swissquote Bank Ltd

USD/CHF: Further upside

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Pivot (invalidation): 0.9690

Our preference
Long positions above 0.9690 with targets at 0.9725 & 0.9740 in extension.

Alternative scenario
Below 0.9690 look for further downside with 0.9670 & 0.9645 as targets.

Comment
The RSI is bullish and calls for further upside.

USD/CAD: Further advance

Pivot (invalidation): 1.3935

Our preference
Long positions above 1.3935 with targets at 1.4020 & 1.4045 in extension.

Alternative scenario
Below 1.3935 look for further downside with 1.3890 & 1.3865 as targets.

Comment
The RSI is bullish and calls for further advance.

AUD/USD: Under pressure

Pivot (invalidation): 0.6575

Our preference
Short positions below 0.6575 with targets at 0.6525 & 0.6505 in extension.

Alternative scenario
Above 0.6575 look for further upside with 0.6595 & 0.6615 as targets.

Comment
The RSI shows downside momentum.

USD/TRY: Bullish bias above 6.7760

Pivot (invalidation): 6.7760

Our preference
Long positions above 6.7760 with targets at 6.8100 & 6.8260 in extension.

Alternative scenario
Below 6.7760 look for further downside with 6.7610 & 6.7470 as targets.

Comment
A support base at 6.7760 has formed and has allowed for a temporary stabilisation.

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.