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XRPUSD Weekly
Lets take a look at Ripple’s bigger picture …
After losing 1.7870 level, there is ample space all the way till 0.90 – but it doesn’t mean that Ripple will fall that much.
1.2800 should provide some good support if XRP wouldn’t be able to go back above 1.7870 in coming weeks.
Pressure is obviously to the down side, but I expect some seri0us Upticks this week – to at least 1.7710
Euro Holds Near Four-Year High Ahead of ECB Rate Decision
The euro was little changed at around $1.185 at the start of February, hovering near a four-year peak of $1.20 touched last week.
Markets are widely expecting the European Central Bank to keep interest rates unchanged on Thursday, mirroring the Federal Reserve’s latest decision, as policymakers assess the impact of a weaker US dollar and a wave of low-priced Chinese imports on the inflation outlook.
Monthly Chart
FX option expiries for 2 February 10am New York cut
There is arguably just one to take note of on the day, as highlighted in bold below.
That being for EUR/USD at the 1.1800 level. It isn’t one that ties to any technical significance but the expiries could provide a bit of a floor for price action on any downside extensions later in the day.
The currency pair is very much caught in a tussle now around its 200-hour moving average of 1.1853. A firm break below that will see the near-term bias shift to being more bearish instead. And amid the dollar’s firmness as precious metals are still facing a volatile selling bout, we could see further dollar strength creep in to start the week.
As such, that could keep some downside pressure on the pair in bringing about the expiries at the figure level. That’s just about the only potential impact with other expiries being too far away to factor into the equation today.
Newsquawk Daily US Opening News
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XAUUSD UPDATE
Is this the low in for now?
- Jury is out but the large spike down and quick rebound suggests the low (4403) might be in or at least a paise as the stop loss liquidation selling appears exhausted for now. However, enough damage has been done by the speculative bubble bursting that the market needs to let the dust settle before finding its footing.
- On thew downside, XAUUSD needs to stay above 4500 to keep the focus away from the low
- On the upside 4800 5000 is area to watch with a limited upside unless regained
- Stick with short-term charts until the dust settles.
XAUUSD DAILY CHART
Forex Market Snapshot
- The focus remained on the meltdown in metals, which plunged further overnight before bouncing off the lows. This has eased some of the risk off mood and the dollar has slipped as it trades mixed..
- EURUSD, which I call the anti-dollar, has pivoted 1.1850, currently trading above it.’
- USDJPY has pivoted 155 after filling nits gap, currently below it.
- Commodity currencies (CAD, AUD, NZD) are still down modestly on the day but off earlier lows,
US data due: ISM PMI
Early Market Update
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USDJPY UPDATE:
- With the gap filled USDJPY would need to solidly regain 155.54 to open the door on the upside.
- While such a move might put traders on intervention alert, weekend comments on the JPY from PM Takaichi (scroll down to read February 1, 2026 at 11:28 am) should ease concerns that the government is trying to drive USDJPY significantly lower. In this regard watch the price action should there be verbal intervention.
- This should leave 155 as pivotal in setting the tone within a broad 152.09-159.44 range
USDJPY 4 HOUR CHART
Newsquawk Asia-Pac Opening News
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Just posted in our blog
Gold Is Rising, Bitcoin Is Falling: Why the “Digital Gold” Narrative Is Breaking Down
ETHUSD
Ethereum (ETHUSD) has fallen 12.7% in two days, now at $2,636, as large holders sold over 1.1 million ETH worth $2.8 billion, increasing bearish pressure. Ethereum has been under intense bearish pressure over the past few week, reflecting the overall fragile state of the cryptocurrency market. Etheruem is down 20% of its value in the past week and broke the psychological level of $3,000. This has accelerated its drop on thursday, pushing it to a sharp downward trend.
As usual with crypto market, the sentiment is very fragile. Downside risk remains high making it difficult to predict how far it can drop.
NZDUSD (1HR)
Ahead of the upcoming trading week, NZD/USD pulled back in its last trading and had broken the 0.6070 resistance level. The price declined in its last trading session by around 1% pressured by profit-taking after entering overbought conditions on the relative strength indicators which prompted a corrective pull-back. The decline came after the pair successfully broke above its previous resistance and now 0.6000 psychological level now acting as an important support zone.
Near-term direction remains uncertain. Technical indicators are now showing mixed signals with momentum indicators easing while trend indicators continue to reflect residual bullish bias. We’ll be seeing how the pair develops over the coming week.
USDCNH (1HR)
Ahead of the upcoming trading week, USDCNH presents a mixed technical outlook across multiple time frames. On shorter time frames, (30min, 1hr and 4hr) indicates bullish sentiment across different technical indicators. Bigger time frames continue to signal broader bearish momentum as moving averages continue to support this downside bias.
The Chinese Yuan strengthened to 6.94 per dollar at the end of this week’s trading session and extended the gains for a fourth consecutive month. The currency has been supported by an improving domestic outlook, underpinned by China’s sizeable trade surplus, renewed investor interest in local equities, and rising expectations of additional policy stimulus. Additionally, the currency is also driven by the increased conversions of foreign earnings into yuan ahead of the Lunar New Year Holiday.
BTCUSD (BITCOIN) UPDATE
Trend: Down
- The break below 80000 puts the 2025 low at 74268, a level the bulls do not want to see broken, on the radar.
- 80000 has replaced 90000 as the pivotal level, only back above it would cool the risk.
- Note, given the volatility in this crypto, pivotal (psychological) round number levels are often more important than fine tuning specific chart points. This makes 75K and 80K levels to watch.
BTCUSD WEEKLY CHART
An active economic and event filled calendar to start the new month
Newsquawk Week Ahead Highlights 2-6th February 2026
BTCUSD (BITCOIN) UPDATE
This is a crucial period for BTCUSD as it needs to hold 80000 or risk a move to the level that bulls hanging on do not want to see broken at 74000 (note given the volatility in BTCUSD I prefer to round off to the nearest round number).
4 HOUR chart shows a double top around 84557, rounding up makes 85000 the key level on top.
BTCUSD WEEKLY CHART
XAGUSD (SILVER) UPDATE
One for the history books as the bubble bursts.
- 121.55 => 73.40 = 39.6% drop from the high (that is not a % retracement but a % freefall)
- 118.46 => 73.40 = 38% drop in 1 day
To put it in perspective, imagine the headlines if US500 fell 38% in one day from 6900 => 4278 (-2622 pts)
Chart: Big wick to the low suggests exhaustion with layers of support below. Watch out for thin liquidity as logic says those still standing will likely look for other markets to trade while others will look to pick up the pieces from shattered accounts.
Experienced traders will say markets do not move this way when they get it right.
XAGUSD DAILY CHART
Newsquawk US Market Wrap Part 2
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Newsquawk US Market Wrap Part 1
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