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Daily Pivots: (S1) 1.0008; (P) 1.0035; (R1) 1.0064; More….

Intraday bias in EUR/CHF remains neutral for the moment. On the downside, break of 0.9986 minor support will turn bias back to the downside, to extend the corrective pattern from 1.0095 with another leg, back towards 0.9873 support. On the upside, firm break of 1.0095 will resume whole rally from 0.9407 low.

In the bigger picture, the initial rejection by 55 week EMA (now at 1.0039) mixed up the outlook. On the upside, sustained trading above 55 week EMA will raise the chance of bullish trend reversal. Rise from 0.9407 should then target 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484). However, firm break of 0.9832 support will revive medium term bearishness and bring retest of 0.9407 low instead.

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EUR/USD dips mildly today but stays above 1.0765 minor support. Intraday bias remains neutral at this point. With 1.0765 support intact, further rally remains in favor. On the upside, break of 1.0928 will resume larger rise to 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next. On the downside, though, break of 1.0765 support should now confirm short term topping, and turn bias back to the downside for 55 day EMA (now at 1.0601).

In the bigger picture, current development suggests that the rally from 0.9534 low (2022 low) is a medium term up trend rather than a correction. Further rise is in favor to 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 next. This will remain the favored case as long as 1.0482 support holds.

Daily Pivots: (S1) 1.0823; (P) 1.0868; (R1) 1.0898;

Daily Pivots: (S1) 1.2320; (P) 1.2368; (R1) 1.2400; More…

Intraday bias in GBP/USD remains neutral and outlook is unchanged. On the downside, firm break of 1.2252 minor support will turn bias to the downside, and extend the corrective pattern from 1.2445 with another falling leg. On the upside, decisive break of 1.2445 will confirm resumption of whole rise from 1.0351. Next target will be 1.2759 fibonacci level.

In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248.

Daily Pivots: (S1) 129.58; (P) 130.08; (R1) 130.94; More…

Intraday bias in USD/JPY stays neutral for the moment. On the downside, break of 127.20 will resume the whole decline from 151.93 and target 121.43 fibonacci level. Nevertheless, on the upside, break of 131.56 resistance should confirm short term bottoming, and turn bias back to the upside for stronger rebound to 55 day EMA (now at 133.76) and possibly above.

In the bigger picture, the break of 55 week EMA (now at 131.39) raises the chance of medium term bearish reversal, but that’s not confirmed yet. Strong support could be seen around 61.8% retracement of 102.58 to 151.93 at 121.43 and 38.2% retracement of 75.56 to 151.93 at 122.75 to bring rebound. But break of 131.56 resistance is needed to indicate bottoming first. Otherwise further fall will remain in favor.

Daily Pivots: (S1) 0.9202; (P) 0.9230; (R1) 0.9277; More…

Intraday bias in USD/CHF remains neutral for the moment. While recovery from 0.9084 might extend higher, outlook will stay bearish as long as 0.9407 resistance holds. On the downside, sustained break of 61.8% projection of 1.0146 to 0.9355 from 0.9545 at 0.9056 will pave the way to 100% projection at 0.8754, which is close to 0.8756 long term support. Nevertheless, on the upside, break of 0.9407 should confirm short term bottoming and turn bias back to the upside for 0.9545 structural resistance.

In the bigger picture, rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long term resistance (2016 high). Based on current downside momentum, fall from 1.0146 should be a medium term down trend itself. Next target is a test on 0.8756 low. Strong support should be seen there to bring rebound. Still, further decline will now be expected as long as 0.9407 resistance holds, in any case.

Daily Pivots: (S1) 1.3328; (P) 1.3359; (R1) 1.3417; More…

USD/CAD's break of 1.3426 minor resistance suggests short term bottoming at 1.3298, ahead of 1.3224 key support as expected. Intraday bias is back on the upside of 1.3519 resistance first. Further break there will affirm the case that correction from 1.3074 has completed too. Further rally should then be seen through 1.3074 to resume the rise from 1.3224. This will now remain the favored case as long as 1.3298 holds.

In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 high at a later stage. However, firm break of 1.3222/3 will indicate that the trend might have reversed. Deeper fall would be seen to next cluster support at 1.2726 (61.8% retracement at 1.2758).

GBPUSD failed several times over the last one-and-a-half months to surpass above the six-month high of 1.2450 and is struggling to create a new high. The pair remains above the medium-term ascending trend line and the short-term SMAs, awaiting a strong boost for further gains.

However, the MACD is weakening near its trigger line in the positive area, while the RSI is moving sideways above the neutral threshold of 50.

An extension to the upside and above the 1.2450 key level could meet the 1.2670 barrier, registered in May 2022. Further up, resistance could run towards the 200-weekly SMA, which stands near the 1.2900 psychological mark.

On the other hand, if the pair weakens, the 20-day SMA at 1.2260 could provide immediate support ahead of the 50-day SMA, which overlaps with the ascending trend line at 1.2180. Even lower, the 200-day SMA and the 23.6% Fibonacci retracement level of the upward wave from 1.0325 to 1.2450 at 1.2050 could attract greater attention as any leg lower could worsen market’s bearish outlook, opening the way towards the 1.1845 support.

Regarding the medium-term picture, the neutral sentiment deteriorated after the difficulty jumping above 1.2450 and only a move above it could now help the market to return to positive.

The Dow Jones 30 slips as the market awaits the Fed’s policy guidance. The rally came under pressure in the supply zone around 34100, right under the previous swing high of 34360. A combination of profit-taking and fresh selling could drive the price action lower for the time being. A bullish MA cross on the daily chart is an encouraging sign and as sentiment is skewed to the recovery mode, the bulls are expected to buy the dip. 33650 is the first level to gauge the strength of follow-up interest with 33300 as a second layer.

Silver awaits breakout as traders are eyeing the Fed's policy meeting. On the daily chart, the precious metal is still grinding the support-turned-resistance of 24.50 from last April. Last week’s recovery saw the topping candle ending with a long upper wick, which suggests rejection of levels above the psychological tag of 24.00. The choppy price action might have prompted buyers to take some chips off the table. 23.20 is the immediate support and its breach could cause a run to the next round number at 22.00.

The Japanese yen finds limited support from a rise in the December retail trade number. On the daily chart, last May’s low of 126.50 and the 20-day moving average (131.10) are compressing the price range and a breakout would dictate the next move in the medium-term. Intraday-wise, the pair is trying to hold on to its recent support above 129.10. A close above 131.10 would first send the greenback to the tip of a previously faded rebound at 132.80. On the downside, a breakout could trigger a bearish continuation.