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Daily Pivots: (S1) 159.82; (P) 160.42; (R1) 161.12; More...

Intraday bias in EUR/JPY remains neutral for the moment. Recovery from 159.74 might extend, but further decline will remain in favor as long as 162.88 resistance holds. On the downside, below 159.74 will target 156.16 support. On the upside, however, break of 162.88 will bring retest of 164.89 instead.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 0.8417; (P) 0.8436; (R1) 0.8458; More...

EUR/GBP's rally from 0.8221 picks up momentum again. With break of 0.8446 resistance, next target is 0.8624 key cluster resistance zone. For now, outlook will remain bullish as long as 0.8403 support holds, in case of retreat.

In the bigger picture, a medium term bottom was formed at 0.8221, just ahead of 0.8201 key support (2022 low). But outlook will be neutral as best as long as 0.8624 cluster resistance (38.2% retracement of 0.9267 to 0.8221 at 0.8621) holds. That is, larger down trend from 0.9267 (2022 high) might still extend lower. However, decisive break of 0.8621/4 should confirm trend reversal and turn outlook bullish.

Daily Pivots: (S1) 1.6541; (P) 1.6601; (R1) 1.6650; More...

Range trading continues in EUR/AUD and intraday bias remains neutral. Strong support is still expected from 38.2% retracement of 1.5963 to 1.6800 at 1.6480 to contain downside. On the upside, firm break of 1.6800 will resume the rally from 1.5963. However, sustained break of 1.6480 will bring deeper correction 61.8% retracement at 1.6283 instead.

In the bigger picture, EUR/AUD is holding on to 1.5996 key support despite brief breach. Larger up trend from 1.4281 (2022 low) is still in favor to resume through 1.7180 at a later stage. Nevertheless, sustained break of 1.5995 will indicate that such up trend has completed and deeper decline would be seen.

Daily Pivots: (S1) 0.9371; (P) 0.9393; (R1) 0.9419; More....

EUR/CHF bounces today but stays inside range below 0.9440. Intraday bias remains neutral for the moment. Rebound from 0.9204 is seen as a corrective move and could extend above 0.9440 But upside should be limited by 0.9481 fibonacci resistance. On the downside, firm break of 0.9336 support will argue that the correction has completed, and turn bias back to the downside for 0.9284 support first.

In the bigger picture, while corrective rebound from 0.9204 might extend higher, strong resistance could be seen from 38.2% retracement of 0.9928 to 0.9204 at 0.9481 to limit upside. Down trend from 0.9928 (2024 high) is still in favor to resume through 0.9204/9 support zone at a later stage.

Market picture

The cryptocurrency market witnessed a significant surge in volatility, reaching an all-time high of $3.72 trillion in total capitalisation on Monday morning. This growth was driven by the successful launch of meme coins associated with Trump and his wife, Melania, whose substantial capitalisation growth positively impacted the entire market.

On Monday, prior to the commencement of the active European session, Bitcoin soared to $109.9K, setting a new record high. Subsequently, the price stabilised around $108K. Consolidation at this level may initiate a new growth phase with a potential target of $133K.

Solana emerged as an indirect beneficiary of the recent meme-coin wave. Its price peaked at nearly $300 on Sunday, later stabilising at $270 on Monday. Despite the pullback, these levels exceed the peaks observed in late November and August 2021, dispelling speculation that the recent spike resulted from low weekend liquidity. The current scenario suggests further gains towards all-time highs and increased market enthusiasm (FOMO) with the issuance and trading of meme coins.

News background

Activity in the XRP options and futures markets has surged significantly due to the underlying asset’s meteoric rise. Key metrics indicate investor optimism, as noted by Nansen. On Friday, XRP reached an all-time high above $3.40, spurred by rumours of its inclusion in the US cryptocurrency reserve.

According to calculations by TheMiningMag, public mining companies held more than 92,000 BTC on their balance sheets as of December 2024, marking an all-time high. This figure represents a 136% increase over the year, largely attributed to MicroStrategy’s BTC acquisition strategy.

Ethereum developers have scheduled the Pectra hardfork for the main network in early to mid-March. This significant upgrade will implement a comprehensive list of improvements to the Ethereum platform.

Bloomberg reports that on January 20, the day of his inauguration, Trump intends to issue an executive order designating cryptocurrency as a national priority. This status will require government agencies to collaborate with the industry. Additionally, there are plans to establish a digital asset advisory council to advocate for the industry’s policy priorities.

Market maker Wintermute reported a fourfold increase in over-the-counter (OTC) trading volume on its platform in 2024, primarily driven by strong demand from institutional investors.

Daily Pivots: (S1) 1.4406; (P) 1.4446; (R1) 1.4520; More...

Intraday bias in USD/CAD remains on the upside for the moment. Current up trend should target 1.4667/89 long term resistance zone. For now, outlook will stay bullish as long as 1.4302 support holds, in case of retreat.

In the bigger picture, up trend from 1.2005 (2021) is in progress for retesting 1.4667/89 key resistance zone (2020/2015 highs). Decisive break there will confirm long term up trend resumption. Next target is 100% projection of 1.2401 to 1.3976 from 1.3418 at 1.4993. Medium term outlook will remain bullish as long as 1.3976 resistance turned holds (2022 high), even in case of deep pullback.

Daily Pivots: (S1) 0.6163; (P) 0.6195; (R1) 0.6226; More...

Intraday bias in AUD/USD remains neutral as consolidations continue above 0.6130 support. Outlook will remain bearish as long as 0.6301 resistance holds. Break of 0.6130 will resume the fall from 0.6941 and target 61.8% projection of 0.6687 to 0.6198 from 0.6301 at 0.5999. However, considering bullish convergence condition in 4H MACD, break of 0.6310 will indicate short term bottoming, and turn bias back to the upside for stronger rebound.

In the bigger picture, down trend from 0.8006 (2021 high) is resuming with break of 0.6169 (2022 low). Next medium term target is 61.8% projection of 0.8006 to 0.6169 from 0.6941 at 0.5806, In any case, outlook will stay bearish as long as 55 W EMA (now at 0.6545) holds.

Daily Pivots: (S1) 155.39; (P) 155.88; (R1) 156.79; More...

Intraday bias in USD/JPY remains neutral, and risk will stay on the downside as long as 158.86 short term top holds. On the downside, below 154.97 will target 55 D EMA (now at 154.59). Sustained break there will target 38.2% retracement of 139.57 to 158.86 at 151.49 next.

In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). The range of medium term consolidation should be set between 38.2% retracement of 102.58 to 161.94 at 139.26 and 161.94. Nevertheless, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.

Daily Pivots: (S1) 0.9111; (P) 0.9133; (R1) 0.9171; More…

Range trading continues in USD/CHF below 0.9200 and intraday bias remains neutral. More consolidations could be seen but outlook will stay bullish as long as 0.9007 support holds. On the upside, decisive break of 0.9223 will carry larger bullish implications. However, break of 0.9007 will confirm short term topping, and turn bias back to the downside for 55 D EMA (now at 0.8944).

In the bigger picture, as long as 0.9223 resistance holds, price actions from 0.8332 (2023 low) are seen as a medium term corrective pattern. That is, long term down trend is in favor to resume through 0.8332 at a later stage. However, sustained break of 0.9223 will be an important sign of bullish trend reversal.

Daily Pivots: (S1) 1.2137; (P) 1.2193; (R1) 1.2226; More...

Intraday bias in GBP/USD remains neutral as range trading continues above 1.2099. More consolidations would be seen and stronger recovery cannot be ruled out. But outlook will remain bearish as long as 1.2486 support turned resistance holds. On the downside, break of 1.2099 will resume the fall from 1.3433 to 100% projection of 1.3433 to 1.2486 from 1.2810 at 1.1863.

In the bigger picture, rise from 1.0351 (2022 low) should have already completed at 1.3433, and the trend has reversed. Further fall is now expected as long as 1.2810 resistance holds. Deeper decline should be seen to 61.8% retracement of 1.0351 to 1.3433 at 1.1528, even as a corrective move.