EUR/CHF Reaches the Overbought Region, May Reverse at Level 1.0846

1 February 2021 | Updated: 1 February 2021

Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400

EUR/CHF Price Long-term Trend: Bullish
EUR/CHF has resumed an upward move as price breaks above the SMAs. The pair has risen to level 1.0827 but it is presently retracing from the recent high. The upward move is likely to resume after a retracement.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 55 of the Relative Strength Index period 14. It implies that the market is in the uptrend zone. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates a sideways trend.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the index is in an upward move. On February 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will rise and reverse at level 1.272 Fibonacci extension. That is the high of level 1.0846.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is above the 80% range of the daily stochastic. It indicates that the price is in the overbought region of the market. Sellers are likely to emerge..

General Outlook for EUR/CHF
EUR/CHF is in an upward move. The RSI is at level 56. It indicates that the pair has room to rally on the upside. According to stochastic, the pair is above 80% range. It indicates that the market has reached the overbought region of the market.


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EURUSD Bows to Downside Pressure Beneath 1.2100 Level as US Dollar Index Inches Higher

1 February 2021 | Updated: 1 February 2021

EURUSD Price Analysis – February 1

The EURUSD pair spent the American session plunging lower in a relatively tight range near sub 1.2100 coming under strong downside pressure. Meanwhile, the US Dollar Index inches higher around 91.00, rising 0.50% on the day. As of writing, EURUSD is down 0.50% daily at the 1.2072 level.

Key Levels
Resistance Levels: 1.2350, 1.2240, 1.2150
Support Levels: 1.2050, 1.1900, 1.1602
EURUSD Long term Trend: Ranging
On the daily charts, a further decline is expected to meet decent contention in the 1.2050 region, where sits the so far yearly lows (Jan 18). A deeper pullback carries the potential to challenge the psychological support at 1.2011 levels, although a move further south of this level is not favored in the near term. Below 1.2000 is located the key level at 1.1900 level.

On the broader picture, the constructive stance in EURUSD remains unchanged while above the critical ascending trendline support and the key level at 1.1900. On the other hand, a breakout of 1.2150 level would target 1.2214 level en route to 1.2240 resistance level. The alternative scenario sees the loss of the 1.20 zone as an initial bearish signal.
EURUSD Short term Trend: Bearish
The 4-hour chart shows that the risk is skewed to the downside, as the pair is developing below firmly bearish 5 and 13 moving averages. Technical indicators turned south, heading lower within negative levels. However, the RSI is yet to be oversold giving room for further selling.

A steeper decline could be expected on a break below the 1.2050 horizontal support, with investors eyeing an extension towards the 1.1900 level. On the upside, breach of 1.2150 level may aim for 61.8% forecast of 1.0635 to 1.2011 levels from 1.1602 at 1.2214 level next. Any more losses could lead the pair towards the 1.2011 support zone.

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Silver Price: Surge in Demand Takes XAGUSD Past $30 Amid Reddit Influencers Price Pump

1 February 2021 | Updated: 1 February 2021

XAGUSD Price Analysis – February 1

The white metal’s spot price has surged from under $27 during Monday’s European session into the American morning session past the $30 level, marking a nearly 20% rally on the day. Silver is being driven higher for the 3rd day in a row by a continuation of strong retail demand amid Reddit influencers’ price pump.

Key Levels
Resistance Levels: $32.00, $31.00, $30.00
Support Levels: $27.92, $26.77, $26.00
XAGUSD Long term Trend: Bullish
The XAGUSD price soared to a high of $30 as demand for physical silver continued to rise. On the daily chart, the price completed the formation of a cup pattern and is still above the moving average of 5 and 13. It is also above the ascending trendline support.

Therefore, while the uptrend will likely continue, there is a likelihood of a pullback or consolidation happening. However, a clear break of the $30.00 level becomes necessary for the bulls to further their advance. It should also be noted that the moving average 5 at $26.65 level offers immediate support to the quote.
XAGUSD Short term Trend: Bullish
From a technical point of view, after its retracement from the day’s high of $30.13 level, XAGUSD is gathering more upside momentum as shown on the 4-hour chart. XAGUSD is holding up well after breaking above the $28.90 level and overall above the upside channel support. The moving averages 5 and 13 are skewing upward.

The level at $27.50 might be considered as the nearest support, while the 1st and 2nd resistance are moved up to $30.00 and $31.00 levels respectively. On the one hand, some upside potential could likely continue to prevail in the market within the following trading session.

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EUR/GBP Downtrend Will Resume if the Pair Faces Rejection at Level 0.8850

1 February 2021 | Updated: 1 February 2021

Key Resistance Levels: 0.9200, 0.9400, 0.9600
Key Support Levels: 0.8800, 0.8600, 0.8400

EUR/GBP Price Long-term Trend: Bearish
The EUR/GBP has continued its downward move. The selling pressure has reached the low of level 0.8832 but the price is fluctuating below level 0.8850. The downtrend will continue if the current resistance is not breached. Also, the pair will fall as it trading below the SMAs. Upward moves resume when the price breaks above the SMAs.

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping downward. The pair has fallen to level 36 of the Relative Strength Index period 14. The pound is below the centerline 50. The price is also approaching the oversold region.

EUR/CHF – Daily Chart

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP is in a downward move. On January 27 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The price retracement indicates that the pair will fall and reverse at level 2.0 Fibonacci extensions or level 0.8708.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. The pair is below the 20% range of the daily stochastic. The market is now in a bearish momentum. The pound has fallen into the oversold region.

General Outlook for EUR/GBP
The pound is likely to continue its downward move. Presently, it is moving up to level 0.8850. The uptrend will resume if the price breaks above level 0.8850. Otherwise, the downtrend will resume. According to the Fibonacci tool analysis, the market will reach level 0.8708.



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Gold Price Remains Restrained Despite Massive Rally in Silver

1 February 2021 | Updated: 1 February 2021

Gold (XAU/USD) traded on a bullish sentiment through the mid-European session on Monday, as investors rode on the massive gains in the silver (XAG/USD) market. However, gold remained confined within last week’s highs amid a goodish bounce in the US dollar, which tends to undermine demand for the dollar-denominated commodity.

Gold remained range-bound for the seventh consecutive session as investors anticipate new developments around a US stimulus package.

Futures contracts for silver saw a spike in the early trading hours on Monday as Reddit retail investors appear to have shifted their focus to the metal markets. The short squeeze saw spot silver rise by about 11% to a new 8-year high of $30.18/ounce earlier today.

If this rally holds, it would be the largest one-day spike in the commodity since a 13% spike in March 2009. Silver briefly claimed the $30.18 high on OANDA to record its highest ever point since February 2013 (exactly eight years ago) before reeling to the mid-$29 level. Meanwhile, the boom got reflected in silver-related equities late last week.

That said, gold’s relatively subdued standing amid the 11% spike in silver alludes that the rally may not be sustainable. At the moment, an ounce of gold can buy 63.5 ounces of silver, compared to 73.3 ounces in January.

Soni Kumari, a commodity strategist at ANZ, noted that “given the gold-silver ratio is at a multi-year low, we see limited room for further outperformance of silver.”

XAUUSD – 4-Hour Chart

Gold (XAU) Value Forecast — February 1

XAU/USD Major Bias: Bullish

Supply Levels: $1875, $1890, and $1900

Demand Levels: $1860, $1850, and $1838

Although gold began this week on a goodish bounce, it is yet to confirm a bullish momentum for traders. A sustained break above the $1875 resistance should open the door for buying for the yellow metal, which could send it to the $1900 psychological resistance in the coming days.

Failure to clear this resistance level could reinstate gold’s previous bearish sentiment and send it to the $1830 area once again.

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GBP/CHF Price Analysis — February 1

1 February 2021 | Updated: 1 February 2021

GBP/CHF resumed its bullish momentum in the early European session, as the GBP picks up demand and market mood soars. Meanwhile, the pound is likely to gain more traction as the European Union holds off from putting the UK on the export restriction list.

President of the EU Ursula Von Der Leyen’s recent comment about an additional 900,000 Covid vaccines for the bloc appears to be the trigger for Brussels’ decision to keep the UK off its export restriction list.

Meanwhile, the market risk got bolstered by the UK’s 600,000 vaccinations a day program and the easing number of COVID-19 infections in Britain. Meanwhile, the market mood got an additional boost following the optimism surrounding British Trade Secretary Liz Truss’s ability to secure a decent trade deal from the US.

Furthermore, the Financial Times recently mentioned that UK Prime Minister Boris Johnson and Chancellor Rishi Sunak are preparing for an anticipated recovery, with a “pre-Budget recovery plan,” which pumped market risk mood further.

However, chatter on social media about Silver’s sudden rally and possible limitations on market and the Irish Taoiseach’s move to dampen the EU-Uk vaccine row could frustrate market risk mood. Also, the civil unrest across Brussels, Budapest, and Vienna could limit the profit potential of the GBP a bit.

GBP/CHF – 4-Hour Chart

GBP/CHF Value Forecast — February 1

GBP/CHF Major Bias: Bullish

Supply Levels: 1.2300, 1.2345, and 1.2400

Demand Levels: 1.2250, 1.2205, and 1.2154

The GBP/CHF resumed its bullish momentum from last week, as the pair finally snapped the one-year-strong 1.2250 resistance (now support) a few hours ago. This rally could continue to the 1.2400 psychological level in the coming days if the market maintains its current risk mood.

That said, we expect a mild correction to the 1.2250 support level in the coming hours, followed by a bullish continuation in the coming days.

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GBPUSD rejecting key daily level

1 February 2021 | Updated: 1 February 2021

GBPUSD

The GU is again retesting and rejecting a MASSIVE level on the daily (1.3750) and we are looking to short the breakout of the reversal structure.

This pair has been trading inside of a rising pennant testing time after time this big daily level printing major bearish divergence on its way.

The break of the previous lows would trigger the reversal in play.

Validation level: 1.3690
invalidation level: 1.3765

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EURUSD shorts in play

1 February 2021 | Updated: 1 February 2021

The EU is still trading inside of the range it has been trading for the past 2 1/2 weeks but now has broken with a wedge and dropped 36 pips to created wen weekly lows.

We missed the move but a pullback to the previous broken level would give us a great short entry with good risk parameters targeting the previous weekly lows at first and if broken the next key level.

It´s possible that we do not get this pullback and in that case we will be looking for the break of the previous weekly lows and a retest to get in on the range´s breakout.

The DXY is still trading inside of a range itself but creating a flat triangle pattern which points at a bullish breakout in the short term making our EU short thesis even clearer.

Be patient to getting filled and don´t jump in this blindly. If we don´t get filled we will look for another entry.

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Ethereum (ETH) Price Analysis: Consolidates Above $1,300 Support as Buyers and Sellers Decide Next Move

1 February 2021 | Updated: 1 February 2021

Key Highlights
Ethereum consolidates above $1,300
Ether has strong buying pressure above $1,200

Ethereum ETH) Current Statistics
The current price: $1,316.62
Market Capitalization: $151,910,683,082
Trading Volume: $27,636,629,137
Major supply zones: $1,500, $1,600, $1,700
Major demand zones: $600, $500, $400

Ethereum (ETH) Price Analysis February 1, 2020
For the past week, Ethereum is trading between $1,200 and $1,440. The price action is characterized by small body indecisive candlesticks like Doji and Spinning tops. The appearance of these candlesticks will mean that the biggest altcoin will consolidate above the current support. It indicates that buyers and sellers are undecided about the direction of the market. On the upside, if the price breaks the $1,440 resistance, Ether will attain a new target price of $1,675. On the other hand, the market will continue to fluctuate between $1,200 and $1,440 if the range-bound levels remain unbroken.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has fallen to level 46 of the Relative Strength Index period 14. The crypto is in the downtrend zone and it is capable of falling. The coin is above 66% of the daily stochastic. The daily stochastic is sloping horizontally as price consolidates.

ETH/USD -4 Hour Chart

Conclusion
The Fibonacci tool analysis has remained the same as price consolidates. On January 10 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the market will rise to level 1.618 Fibonacci extensions or the high of $1,1739.45



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US Wall Street 30 (US30USD) Reaches Bearish Exhaustion, May Reverse at Level 30004.50

1 February 2021 | Updated: 1 February 2021

Key Resistance Zones: 33000, 33500, 34000
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trend: Bearish

US Wall Street 30 is in a downward move. The index has fallen to the low of level 29870.40. The last candlestick is showing a long tail indicating strong buying pressure at a lower price level.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward. The index has fallen to level 37 of the Relative Strength period 14. The market is in a downtrend zone and it is below the centerline 50.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is in a downward move. On January 29 downtrend; a retraced candle tested the 78.6% Fibonacci retracement level. The retracement indicates that the index is likely to reach level 1.272 Fibonacci extension or the low of 30004.50. At his level, the market is expected to reverse and return to 78.6% Fibonacci retracement where it originated.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 20 % range of the daily stochastic. This indicates that the market is in a bearish momentum. The index has reached the oversold region of the market. The SMAs are sloping downward indicating the downtrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is in a downward move. The index downward move is presumed to reach bearish exhaustion. The price action is indicating bullish signals. The candlesticks are displaying long tails indicating strong buying pressure at lower price levels.


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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.