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Forex News Letter: Will a Slipping Dollar Index Spell Doom?


The forex news for the day is in as the focus shifts to several aspects such as BOE monetary policy reports, USD JPY

With so many developments in the forex market, what’s stopping you from grabbing a slice of the action?

Without further delay, let’s dive into the forex news of the day!!

Dollar index           

   Sell Below 103.66

    Downside Targets Looks 103.52 – 103.40

 Stop loss below 104.00

   XAUUSD 

Sell Around   $2030-$2031

  Downside Targets Looks  $2025–$2018.
        Stop-loss $2039.

XAGUSD   

         ( Yesterday We Recommended to BUY!! Above $22.96) 

       (Made a high   $23.12)  

           Sell Below  $23

         Downside Targets Looks  $22.80–$22.69.
        Stop-loss $23.15.

        COPPER         


  Buy Above  $3.85

  Upside  Targets Look $3.88– $3.90.

  Stop Loss $3.79.

CRUDE OIL (WTI)

       Crude Oil is Trading Around $77.81

               Below  $77.47… Sell it!!

        Downside Target $76.70-.$76. 

         Stop Loss $78.50. 


     NASDAQ


( Yesterday We Recommended to Sell!! Below 17720) 

       (Made a Low 17614)           

Sell Below 17600  Levels Only…!!
Downside Target Looks 17500–17400.

      Stop-loss 17730.


   S&P 500 E-Mini 

          S&P 500 Resistance and stoploss  5012

 Sell Below  4994

     Downside Target Looks 4980-4960.

            TOP PICK- EURJPY

                        Buy Above 162.30  Stop-loss 162.050 Target 162.55.

Forex News: BOE Inflation projections in focus?

As of February 1st, the Bank rates have been maintained at 5.25%. The consensus for the bank rate is awaited as BOE governor Andrew Bailey, Deputy Governor Ben Broadbent and MPC members Swati Dhingra and Megan Greene are set to testify before the UK treasury.

The USDJPY pair has continued to rise since the start of 2024 and has recently touched a 3-month high. All technical factors are pointing towards an uptrend.

That’s all for today folks!!

Happy Trading!!

Commodity Samachar
Learn and Trade with Ease

Also Read : China’s central bank’s rate decision, Canada’s CPI focus today , Economic Outlook: What Secrets Do US FED Minutes and Eurozone PMI Hold for Market Volatility?

Recommended Read : Forex News Letter: With US Market Closed, What Should Traders Look Out for?

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