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Daily Pivots: (S1) 0.8688; (P) 0.8711; (R1) 0.8728; More…

Intraday bias in EUR/GBP stays neutral for the moment. On the downside, firm break of 0.8691 resistance turned support will suggest that rebound from 0.8643 has completed as a corrective bounce. Rejection by 55 D EMA (now at 0.8717) will keep the fall from 0.8863 intact. Intraday bias will be back on the downside for 0.8643 low first, and then 0.8631 cluster support (38.2% retracement of 0.8221 to 0.8663 at 0.8618).

In the bigger picture, rise from 0.8221 medium term bottom (2024 low) is seen as a corrective move. Upside should be limited by 61.8% retracement of 0.9267 to 0.8221 at 0.8867. Sustained trading below 55 W EMA (now at 0.8623) should confirm that this corrective bounce has completed. In this case, deeper fall would be seen back to 0.8201/21 key support zone. However, decisive break of 0.8867 will suggest that EUR/GBP is already reversing whole decline from 0.9267 (2022 high). That should pave the way back to 0.9267.

Daily Pivots: (S1) 1.7129; (P) 1.7216; (R1) 1.7272; More...

Intraday bias in EUR/AUD remains on the downside for the moment. Current fall from 1.8554 should target 100% projection of 1.8554 to 1.7245 from 1.8160 at 1.6851. On the upside, above 1.7287 support turned resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 1.7466 resistance holds, in case of recovery.

In the bigger picture, the break of 55 W EMA (now at 1.7464) argues that fall from 1.8554 medium term top is correcting whole up trend from 1.4281 (2022 low). Deeper decline is in favor to 38.2% retracement of 1.4281 to 1.8554 at 1.6922, and possibly below. Risk will stay on the downside as long as 1.8160 resistance holds, in case of strong rebound.

Daily Pivots: (S1) 0.9262; (P) 0.9286; (R1) 0.9299; More....

Intraday bias in EUR/CHF remains neutral for the moment. Another fall will remain mildly in favor as long as 0.9347 resistance holds. Below 0.9253 will extend the decline from 0.9394 towards 0.9178 low. Nevertheless, firm break of 0.9347 will indicate that fall from 0.9394 has completed as a correction, and bring stronger rally to retest this resistance.

In the bigger picture, persistent bullish convergence condition in W MACD is a medium term bullish sign. Firm break of 0.9394 resistance should bring sustained trading above 55 W EMA (now at 0.9360). That should indicate medium term bottoming at 0.9178. Further break of 0.9452 resistance will bring stronger medium term rally towards 0.9928 resistance next, even still as a corrective bounce. Nevertheless, rejection by 55 W EMA will retain bearishness for another fall through 0.9178 at a later stage.

Eurozone business activity showed little momentum at the start of 2026, with January PMI data pointing to a fragile and uneven recovery. Manufacturing PMI improved modestly from 48.8 to 49.4, but remained in contraction. Services PMI eased from 52.4 to 51.9, leaving Composite PMI unchanged at 51.5, a level consistent with only modest growth.

According to Cyrus de la Rubia of Hamburg Commercial Bank, the recovery “still looks rather feeble.” Manufacturing continues to signal weakness, while services growth has moderated.

For the ECB, the details are "anything but reassuring". Services inflation has risen sharply in terms of sales prices, while input cost inflation remains elevated. That dynamic is likely to reinforce the Governing Council’s preference to hold rates steady, with some hawkish members potentially arguing that the next move should be up rather than down.

Country-level divergences persist. Services activity in Germany expanded at a relatively solid pace in January, while French services slipped into contraction. In manufacturing, France marginally outperformed Germany, though output growth in both remains weak.

Full Eurozone PMI flash release here.

Daily Pivots: (S1) 0.6782; (P) 0.6813; (R1) 0.6873; More...

AUD/USD's rally continues today and and intraday bias stays on the upside. Next target is 61.8% projection of 0.5913 to 0.6706 from 0.6420 at 0.6910. On the downside, below 0.6794 minor support will turn intraday bias neutral and bring consolidations. But pullback should be contained above 0.6667 support to bring another rally.

In the bigger picture, current development argues that rise from 0.5913 (2024 low) is reversing whole down trend from 0.8006 (2021 high). Further rally should be seen to 61.8% retracement of 0.8006 to 0.5913 at 0.7206. This will remain the favored case as long as 0.6420 support holds, even in case of deep pullback.

Daily Pivots: (S1) 1.3764; (P) 1.3805; (R1) 1.3826; More...

Intraday bias in USD/CAD remains neutral at this point. On the downside, firm break of 1.3789 support will suggest that rebound from 1.3641 has completed. Bias will be back on the downside for 1.3538/3641 support zone. However, strong rebound from current level, followed by break of 1.3927, will resume the rebound from 1.3641, as part of the corrective pattern from 1.3538, towards 1.4139.

In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen as the pattern extends, and break of 1.3538 will target 61.8% retracement of 1.2005 to 1.4791 at 1.3069. For now, medium term outlook will be neutral until there are signs that the correction has completed.

Daily Pivots: (S1) 1.1698; (P) 1.1727; (R1) 1.1785; More….

Intraday bias in EUR/USD remains neutral at this point. Also, risk stays on the upside with 55 4H EMA (now at 1.1684) intact. Break of 1.1807 will resume whole rally from 1.1467, and target a retest on 1.1917 key resistance level. However, sustained trading below 55 4H EMA will bring deeper fall back to 1.1576 support instead.

In the bigger picture, as long as 55 W EMA (now at 1.1413) holds, up trend from 0.9534 (2022 low) is still in favor to continue. Decisive break of 1.2 key psychological level will carry larger bullish implication. However, sustained trading below 55 W EMA will argue that rise from 0.9534 has completed as a three wave corrective bounce, and keep long term outlook bearish.

Daily Pivots: (S1) 1.3434; (P) 1.3471; (R1) 1.3539; More...

Breach of 1.3494 resistance suggests that GBP/USD's pullback from 1.3567 has completed at 1.3342. Intraday bias is back on the upside for 1.3567. Firm break there will resume the rally from 1.3008 to retest 1.3787 high. However, break of 1.3342 will resume the fall from 1.3567 towards 1.3008.

In the bigger picture, price actions from 1.3787 (2025 high) are seen as a correction to the larger up trend from 1.3051 (2022 low). Deeper decline could be seen as the pattern extends, but downside should be contained by 38.2% retracement of 1.0351 to 1.3787 at 1.2474 to bring rebound. Break of 1.3787 for up trend resumption is expected at a later stage.

Daily Pivots: (S1) 0.7864; (P) 0.7915; (R1) 0.7941; More….

Intraday bias in USD/CHF remains neutral for the moment. Also, risk stays on the downside with 55 4H EMA (now at 0.7951) intact. Firm break of 0.7860 support will argue that larger down trend is ready to resume through 0.7828 low. Nevertheless, sustained break of 55 4H EMA will bring stronger rebound towards 0.8039 resistance. Overall, price actions from 0.7828 are seen as a corrective pattern, which could still extend.

In the bigger picture, price actions from 0.7828 are seen as a correction. Larger down trend from 1.0342 (2017 high) is still in progress. Break of 0.7828 will target 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8332 support turned resistance holds (2023 low).

Daily Pivots: (S1) 158.10; (P) 158.50; (R1) 158.82; More...

USD/JPY drops sharply in early European session, but stays in range below 159.44. Intraday bias remains neutral at this point. Also, with 156.10 support as well as 55 D EMA (now at 156.03) intact, further rise is expected. On the upside, break of 159.44 will resume the rise from 139.87 towards 161.94 high. However, firm break of 156.10 will confirm short term topping, and turn bias back to the downside for deeper pullback.

In the bigger picture, corrective pattern from 161.94 (2024 high) should have completed with three waves at 139.87. Larger up trend from 102.58 (2021 low) could be ready to resume through 161.94. Decisive break of 158.86 structural resistance will solidify this bullish case and target 161.94 for confirmation. On the downside, break of 154.38 support will dampen this bullish view and extend the corrective range pattern with another falling leg.