USDCHF – bears pressure key support at 0.9699

Slobodan Drvenica Windsor Brokers

USDCHF

The pair remains under strong pressure and holding firmly in red for the third straight day, following repeated upside rejection at daily cloud base earlier this week.

Today’s fresh bearish extension pressures key support at 0.9699 (02 Jan low) and threatening for break lower which would trigger extension of broader downtrend from 1.0038 (27 Oct high) towards next strong supports at 0.9656 (Fibo 61.8% of 0.9420/1.0038) and 0.9652 (weekly 200SMA).

Firm bearish setup of daily techs is supportive for further weakness, however, bears may show hesitation at 0.9699 support and enter consolidative phase before resuming.

Falling 10SMA (0.9757) is expected to ideally cap and keep intact next strong barrier at 0.9772, provided by 200SMA.

Res: 0.9757; 0.9772; 0.9788; 0.9812
Sup: 0.9699; 0.9652; 0.9600; 0.9565

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

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 climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

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.