USDCHF: Prefer to sell rallies

Jim Langlands FX Charts

USDCHF: 0.9819

US$Chf traded lower today, breaking through the previous rising trend support and looking as though it wants to test further downside levels, although it is currently sitting right on the 200 DMA which may provide near term support.

With the daily momentum indicators pointing increasingly lower though, a break of 0.9800 would allow a run towards 0.9725/30.

On the topside, minor resistance will be seen at 0.9850 and at 0.9875 and selling into strength today would seem to be the plan, with a SL placed above 0.9915.

Preferred Strategy: Sell US$Chf @ 0.9880. SL @ 0.9915, TP @ 0.9780

24 Hour: Prefer to sell rallies		Medium Term: Neutral
FX Charts Position:	Flat
Resistance		Support
0.9946	21 Nov high	0.9810	200 DMA /Session low
0.9914	Session high/200 HMA	0.9800	(38.2% of 0.9420/1.0037)
0.9900	Minor	0.9775	Minor
0.9875	Minor	0.9750	Minor
0.9845	Minor	0.9727	(38.2% of 0.9420/1.0037)

Author

Jim Langlands

FX Charts

Jim Langlands began his trading career in the commodities markets in London in 1976, before moving to Australia in 1979 to work as a floor trader on the Sydney Futures Exchange.

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.