Forex Signals Brief for Jan 26: The USD Rebounds
US Wrap
US markets opened the week with modest buying, but again, we saw movement in the Greenback.
The USD rose yesterday as the 90.00 level in the US Dollar Index continues to remain very strong. The upward push in the Dollar will keep pressure on the other majors as well as some of the key commodities.
Interestingly, we did see a small spike in the VIX as there was certainly a little bit of movement within a few stocks within the major indexes.
The Data Agenda
The data is light on Tuesday, however, there will be a few key releases worth noting.
Early on, the focus will certainly be on the UK as they release their latest jobs data. The situation with lockdowns is getting beyond a joke in the likes of London as people’s rights and their jobs are slowly but surely being destroyed by the day. With the latest talk that lockdowns could go on until mid-year.
The latest jobs data suggests 100K jobs were lost in November as the jobless rate ticks higher to 5.1%.
In the US, consumer confidence will be the main data point of note. While there is a slight tick higher, this will be an interesting metric going forward as the Biden regime appears intent on destroying as many jobs as they possibly can in 100 days.
Forex Signal Update
The FX Leaders Team grabbed the one win on our USD/CHF signal as the Greenback continues to rebound.
EUR/JPY – Active Signal
The EUR/JPY is moving lower in a tight range and we are short looking for a test of support.
USD/JPY – Active Signal
The USD/JPY has been grinding down this trend line, but if it breaks though, expect a sharp push higher.
Cryptocurrency Update
As I mentioned earlier today, BTC and ETH appear to be setting up differently on the charts.
Bitcoin looks weak, while Ethereum appears to be wanting to have another run at key resistance above.
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