1. Forex Market Insight
The euro fell by 0.30% against the dollar to 1.1326. The euro performed strongly against the Swiss franc in early January. Through this, the exchange rate rose by 0.6% on Monday, 10th January 2022, moving higher for the fourth consecutive day to its highest level since late November.
(EUR/USD 1-hour chart)
Today, we will pay attention to the suppression strength of the 1.1357-line. If the euro runs steadily below the 1.1357-line, we will pay attention to the support strength of the two positions below 1.1315 and 1.1267.
GBP Intraday Trend Analysis
The British pound fell by 0.08% against the dollar to 1.3577. However, concerns about the negative impact of the Omicron variant on the economy eased, helping the pound rise to a nearly two-year high against the euro.
(GBP/USD 1-hour chart)
The pound is mainly concerned about the 1.3574-line today. If the pound runs below the 1.3574-line, it will pay attention to the support strength of the 1.3522 and 1.3450 positions. If the pound runs above the 1.3574-line, it will pay attention to the suppression of the 1.3669-line.
2. Precious Metals Market Insight
The dollar rose across the board against all developed market currencies except the yen yesterday, with yields on the vast majority of maturities of U.S. bonds rising.
Gold prices shocked higher, with spot gold closing at $1,801.68 per ounce, as the dollar index gained momentum, boosting foreign investor demand for gold.
(Gold 1-hour chart)
Gold pays attention to the 1812-line today. If the gold price runs steadily below the 1812-line, then pay attention to the support strength of the two positions of 1793 and 1784. If the gold price breaks above the 1812-line, it will open up a further upward space. At that time, pay attention to the suppression of 1820-line.
3. Commodities Market Insight
WTI Crude Oil
U.S. oil ended by 0.6% lower yesterday, closing at $78.43 per barrel. Demand concerns triggered by a rapid increase in global cases of infection with the Omicron variant and the recovery of oil production in Libya and Kazakhstan added downward pressure on oil prices.
(Crude oil 1-hour chart)
Oil prices focus on the 80-line today. If the oil price runs below the 80-line, then focus on the support at 76.89 and 75.69. If the oil price breaks above the 80-line, then pay attention to the suppression of the 81.07-line.
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