Thursday, January 15, 2026
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Market Comment
Market Wrap: Stocks, Bonds, Commodities

On Wednesday, major U.S. stock indexes eased further:
Dow Jones -42 points (-0.09%) to 49,149
S&P 500 -37 points (-0.53%) to 6,926
Nasdaq 100 -276 points (-1.07%) to 25,465

Major tech stocks fell:
Microsoft (MSFT) -2.40%
Meta (META) -2.47%
Amazon (AMZN) -2.45%
Tesla (TSLA) -1.79%
Nvidia (NVDA) -1.44%

Intel (INTC) +3.02% after gaining 7% in the prior session.

Advanced Micro Devices (AMD) +1.19% following a 6% increase Tuesday.

Other chip stocks closed lower:
Broadcom (AVGO) -4.15%
Micron (MU) -1.41%

Bank stocks remained under pressure:
Wells Fargo (WFC) -4.61%
Bank of America (BAC) -3.78%
Citigroup (C) -3.34%

Energy stocks advanced alongside oil prices:
ConocoPhillips (COP) +4.02%
APA Corp (APA) +3.77%
Devon Energy (DVN) +2.93%

Oil prices remained buoyed by fears of a potential U.S. attack on Iran and disruptions in Iranian oil supply. U.S. WTI crude futures +0.87 dollars (+1.42%) to 62.02 dollars a barrel, posting a five-session winning streak.

The U.S. 10-year Treasury yield -3.7 basis point to 4.138%.

Major European stock indexes closed mixed:
DAX 40 -0.53%
CAC 40 -0.19%
FTSE 100 +0.46%

Gold ran up to an all-time high of 4,643 dollars an ounce, and silver marked a record of 93.51 dollars an ounce.


Market Wrap: Forex

The U.S. dollar index -0.11 point to 99.06.

U.S. producer prices +3.0% year on year in November (vs +2.6% expected, +2.8% in October).

U.S. retail sales +0.6% month on month in November (vs +0.3% expected, -0.1% in October).

EUR/USD -2 pips to 1.1644.

USD/JPY -67 pips to 158.44, snapping a 6-day rally. The secretary general of Japan's ruling Liberal Democratic Party said the prime minister will dissolve parliament next week and call a snap election.

Meanwhile, Japan’s Nikkei 225 marked a record close above the level of 54,000.

GBP/USD +24 pips to 1.3444, AUD/USD was flat at 0.6683.

USD/CHF -7 pips to 0.8001, and USD/CAD -7 pips to 1.3880.

Bitcoin kept showing upward momentum, jumping to levels above 97,000 dollars, which were last seen in November.


Morning Trading

In Asian trading hours, USD/JPY edged up to 158.55. Japan's producer price index eased to 2.4% year-on-year in December, below 2.5% expected.

Meanwhile, EUR/USD was broadly flat at 1.1640 while GBP/USD fell to 1.3430.

Gold retreated to 4,599 dollars.

Bitcoin eased to 96,337 dollars.


Expected Today

The eurozone's industrial production is expected to increase by 0.2% month-on-month in November.

Germany's 2025 gross domestic product for is estimated to be up 0.2%.

U.K. gross domestic product is expected to drop 0.1% month-on-month in November, while industrial production is expected to slip 0.3%.

In the U.S., the Empire State manufacturing index is estimated to climb to 1.0 in January and the Philadelphia Fed manufacturing index is expected to improve to -8.0. Also, the weekly initial jobless claims are estimated at 212,000.
Forex Last %1D %YTD
EUR/USD 1.1636 -0.05 -0.88
USD/JPY 158.39 -0.03 1.14
GBP/USD 1.3426 -0.09 -0.26
Commodities Last %1D %YTD
Gold 4,597.3327 -0.50 7.10
Silver 88.0600 -5.06 30.16
Crude Oil 59.8900 -3.43 6.20
EUR/USD Intraday: look for 1.1620. Next
Pivot: 1.1660

Our preference: short positions below 1.1660 with targets at 1.1620 & 1.1605 in extension.

Alternative scenario: above 1.1660 look for further upside with 1.1675 & 1.1695 as targets.

Comment: the RSI lacks upward momentum.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
EUR/JPY intraday : rebound towards 185.08 Previous  | Next
Our pivot point is at 184.18.

Our preference: rebound towards 185.08

Alternative scenario: below 184.18, expect 183.88 and 183.70.

Comment: the RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 184.48 and 184.71).

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
GBP/USD Intraday: expect 1.3415. Previous  | Next
Pivot: 1.3455

Our preference: short positions below 1.3455 with targets at 1.3415 & 1.3390 in extension.

Alternative scenario: above 1.3455 look for further upside with 1.3485 & 1.3505 as targets.

Comment: a break below 1.3415 would trigger a drop towards 1.3390.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
GBP/JPY intraday : rebound towards 213.59 Previous  | Next
Our pivot point is at 212.53.

Our preference: rebound towards 213.59

Alternative scenario: below 212.53, expect 212.16 and 211.93.

Comment: the RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 212.90 and 213.17).

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
USD/JPY Intraday: bullish bias above 158.05. Previous  | Next
Pivot: 158.05

Our preference: long positions above 158.05 with targets at 158.90 & 159.20 in extension.

Alternative scenario: below 158.05 look for further downside with 157.80 & 157.50 as targets.

Comment: a support base at 158.05 has formed and has allowed for a temporary stabilisation.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
USD/CAD Intraday: further upside. Previous  | Next
Pivot: 1.3870

Our preference: long positions above 1.3870 with targets at 1.3920 & 1.3940 in extension.

Alternative scenario: below 1.3870 look for further downside with 1.3850 & 1.3835 as targets.

Comment: the RSI calls for a new upleg.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Crude Oil (WTI) (H6) Intraday: watch 58.30. Previous  | Next
Pivot: 61.00

Our preference: short positions below 61.00 with targets at 59.10 & 58.30 in extension.

Alternative scenario: above 61.00 look for further upside with 62.20 & 63.10 as targets.

Comment: as long as the resistance at 61.00 is not surpassed, the risk of the break below 59.10 remains high.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Brent (ICE) (H6) Intraday: aim @ 62.75. Previous  | Next
Pivot: 65.50

Our preference: short positions below 65.50 with targets at 63.45 & 62.75 in extension.

Alternative scenario: above 65.50 look for further upside with 66.80 & 67.50 as targets.

Comment: the RSI is bearish and calls for further decline.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Dow Jones (CME) (H6) Intraday: up turn. Previous  | Next
Pivot: 49060

Our preference: long positions above 49060 with targets at 49580 & 49680 in extension.

Alternative scenario: below 49060 look for further downside with 48900 & 48820 as targets.

Comment: the RSI calls for a rebound.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Gold Intraday: choppy. Previous 
Pivot: 4620

Our preference: short positions below 4620 with targets at 4580 & 4560 in extension.

Alternative scenario: above 4620 look for further upside with 4640 & 4655 as targets.

Comment: as long as 4620 is resistance, look for choppy price action with a bearish bias.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

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