USD/JPY

USD/JPY ranged between 109.75 and 109.95, as the defensive yen was underperforming in a risk-on environment on Wall Street. At the time of writing, USD/JPY is stuck in a tight range between 109.76 and 109.88. USD/JPY is expected to find support at 109.63 and a fall through could take it to the support level of 109.48. On the other side, resistance stands at 109.98 and a rise through could take it to the level of 110.19.

USDJPY_12_02_20

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 109.48 109.60 109.72 109.84 109.96 110.08 110.19
1 WEEK 106.99 107.66 108.69 109.36 110.39 111.06 112.28
1 MONTH 104.60 106.12 107.26 108.78 109.92 111.44 112.58

EURUSD

EUR/USD is holding above 1.0900, having found takers below the psychological support on Tuesday. Fed Chair Powell’s upbeat comments likely weakened the haven demand for US dollar. Notable bounce may remain elusive if the Eurozone data prints below estimates. EUR/USD is expected to find support at 1.0884 and a fall through could take it further to the support level of 1.0866. On the other side, resistance stands at 1.0924 and a rise through could take it to the next resistance level of 1.0947.

EURUSD_12_02_20

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.0866 1.0879 1.0899 1.0912 1.0932 1.0945 1.0965
1 WEEK 1.0738 1.0840 1.0893 1.0995 1.1048 1.1150 1.1203
1 MONTH 1.0747 1.0869 1.0982 1.1104 1.1217 1.1339 1.1452

GBPUSD

GBP/USD buyers await fresh clues to extend the two-day winning streak. The EU keeps threatening, UK responds but the coronavirus improves risk-tone. Fed Chair Powell’s testimony, Brexit headlines will also have their impact on the pair. GBP/USD is expected to find support at 1.2921 and a fall through could take it to the next support level of 1.2879. On the other side, resistance stands at 1.2987 and a rise through could take it to the next resistance level of 1.3013.

GBPUSD_12_02_20

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.2839 1.2867 1.2912 1.2940 1.2985 1.3013 1.3058
1 WEEK 1.2443 1.2662 1.2778 1.2997 1.3113 1.3332 1.3448
1 MONTH 1.2684 1.2818 1.3009 1.3143 1.3334 1.3468 1.3659

GOLD

Gold seems to be charting a head-and-shoulders bearish reversal pattern on the daily line chart. A close below the neckline support at $1,555 would confirm breakdown and open the doors to $1,521. Gold is expected to find support at 1,561.30 and a fall through could take it to the support level of 1,555.90. On the other side, resistance stands at 1,569.90, and a rise through could take it to the level of 1,574.70.

Gold_12_02_20

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1552.65 1559.05 1564.65 1571.05 1576.65 1583.05 1588.65
1 WEEK 1500.84 1524.27 1530.64 1571.97 1592.04 1615.47 1637.64
1 MONTH 1437.04 1478.37 1530.64 1571.97 1624.24 1665.57 1717.84