Technical Daily Analysis: February 1, 2023 – US Dollar Sideways

The following is a technical daily analysis, February 1, 2023. The data and analysis contained in this newsletter can be used on a wide scale for your trading. However, it is important to note that GICTrade and its data providers are not responsible for your trading results. 

So, it's your own responsibility. Before knowing today's technical analysis, immediately register yourself to take part in the GIC Gebyar Prize and get the main prize, namely Mobile Mitshubshi Expander or Vacation Package to Labuan Bajo for 4 days and 3 nights. 

In the following, we will inform you about the forecast of price movements in Forex and Commodities which is equipped with the calculation of Pivot points, Resistance and Support levels.

EURUSD

Daily Technical Analysis for the EUR/USD pair in the 30-minute period tends to move downwards, which is confirmed by the MA50 line that has crossed the MA200 line. To continue the downtrend, it is necessary to break the 1.08385 area to test the next support at the level of 1.07730. Meanwhile, if the euro is able to break through the second resistance of R2 at 1.08910, then EUR/USD has a chance to rise further until the next resistance at 1.09630.

GBPUSD

GBP/USD is likely to move down after the MA50 line crosses the MA200 line on the 1-hour period. To continue the downtrend, it is necessary to pass the support of 1.22830 to test the strongest daily support of S3 at 1.22030. Meanwhile, to turn the bias to bullish, GBP/USD needs to break the resistance at 1.23440 towards R2 at 1.24170.

AUDUSD

AUD/USD is trying to rebound, to turn the bias into bullish it needs to pass the level of 0.70625 first to break the next resistance at 0.71210. However, if the AUD/USD pair is able to break the 0.69840 level then the bearish trend continues until the strongest daily support of S3 at 0.69350.

USDCHF

Daily Technical Analysis for the USD/CHF pair on the 1-hour period tried to rebound after touching the oversold area of the RSI. To change the bias to bullish it is necessary to break the 0.91830 area first to test the first resistance at 0.92680. However, if the Swiss franc is able to break through the first daily support at 0.91310, then the decline will continue until the 0.90720 support.

USDJPY

It is necessary to break one of the resistance support levels to see the next movement of USD/JPY. If the yen is able to break through the resistance of 130,480 then the bullish bias continues until the next resistance at 130,990. However, if USD/JPY breaks the support of 129.740, then the bearish bias continues until the next support at 129.090.

XUL (LOCO LONDON GOLD)

Gold prices in the 4-hour period moved flat in the pivot area of the Bollinger Band (BB) indicator. To rise further, it is necessary to break the 1937.32 area towards the key or psychological resistance at 1950.00. However, if the gold price is able to break through the 1911.41 support again, then the bearish bias continues until the support at 1890.30.

CLSK (OIL)

Daily Technical Analysis for oil prices is trying to rebound, with the MA20 line approaching the MA50 line in the 1-hour period. To change the bias to bullish, it is necessary to break the resistance of 79.90 towards the R2 area at 80.98. However, if oil prices manage to break through the support at 77.90, then a further decline could be as high as the support area at 75.62.

Well, that's the explanation of "Technical Daily Analysis: February 1, 2023 – US Dollar Sideways, Ahead of Fed Policy". Also read our other articles, such as an explanation of how to buy cryptocurrencies, only in the GIC Journal. Don't forget to practice your trading skills by getting the Scalping Ebook and following Live Trading on NFP Live Trading. Make sure, download GIC Mobile Apps on the Google Play Store.