Daily Technical Analysis: February 6, 2024 - USD Hits 3-Month High

Here is the daily technical analysis for February 6, 2024. The data and analysis in this bulletin can be widely used for your trading. However, it should be noted that GICTrade and the data providers are not responsible for your trading results.

We will provide forecasts for price movements in Forex and commodities, along with calculations for pivot points, resistance, and support levels.

EURUSD



EUR/USD in the 1-hour period is at the support level of 1.07320, attempting to rebound towards the pivot area of 1.07590 and then towards the first resistance at 1.07950. Meanwhile, the RSI indicator shows signs of oversold conditions, suggesting that the euro has the potential to move higher.

Suggest: Buy 1.07320 TP1 1.07590 TP2 1.07950 SL 1.07000

GBPUSD

GBP/USD in the 1-hour period is at the support level of 1.25220, attempting to rebound towards the pivot area of 1.25770 and then towards the first resistance at 1.26360. Meanwhile, the RSI indicator shows signs of oversold conditions, suggesting that the pound sterling has the potential to move higher.

Suggest: Buy 1.25220 TP1 1.25500 TP2 1.25770 SL 1.25000

AUDUSD

AUD/USD in the 1-hour period is at the pivot level of 0.64950, attempting to rebound towards the first resistance area at 0.65210 and then towards the second resistance at 0.65470. Meanwhile, the RSI indicator shows signs of oversold conditions, suggesting that the Aussie has the potential to move higher.

Suggest: Buy 0.64950 TP1 0.65210 TP2 0.65470 SL 0.64700

USDCHF

USD/CHF in the 1-hour period is at the resistance level of 0.87180, attempting to consolidate or move down towards the pivot area at 0.86780 and then towards the first support level at 0.85370. Meanwhile, the RSI indicator indicates overbought conditions, suggesting that the Swiss franc has the potential to move lower.

Suggest: Sell 0.87180 TP1 0.86780 TP2 0.86500 SL 0.87400

USDJPY

USD/JPY in the 1-hour period is at the pivot level of 148.560, attempting to consolidate or move down towards the first support level at 148.220 and then towards the second support level at 147.930. Meanwhile, the RSI indicator indicates overbought conditions, suggesting that the yen has the potential to move lower.

Suggest: Sell 148.560 TP1 148.220 TP2 147.930 SL 148.850

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period are at the pivot level of 2030.30, attempting to rebound towards the first resistance level at 2045.70 and then towards the second resistance level at 2057.70. Meanwhile, the RSI indicator shows oversold conditions, suggesting that gold prices have the potential to move higher.

Suggest: Buy 2025.00 TP1 2030.00 TP2 2035.00 SL 2020.00

CLSK (OIL)

Oil prices in the 1-hour period are attempting to move towards the pivot level of 72.48, with the potential to rise to the first resistance level at 73.57 and then towards the second resistance level at 74.34. Meanwhile, the RSI indicator shows oversold conditions, suggesting that oil prices have the potential to move higher.

Suggest: Buy 72.50 TP1 73.00 TP2 73.50 SL 72.00

That concludes the explanation of "Technical Daily Analysis: February 6, 2024 - US Dollar Hits 3-Month High." Also, check out our other articles, such as explanations on how to buy cryptocurrency, exclusively on the GIC Journal. Don't forget to hone your trading skills by obtaining the Scalping Ebook guide and participating in the NFP Live Trading session. Be sure to download the GIC Mobile Apps from the Google Play Store.