Thursday, January 29, 2026
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Market Comment
Market Wrap: Stocks, Bonds, Commodities

On Wednesday, the S&P 500 closed little changed at 6,978, despite briefly crossing the 7,000 mark earlier in the session.

The Nasdaq 100 extended its rally to a sixth session, gaining 83 points (+0.32%) to 26,022, while the Dow Jones added 12 points (+0.02%) to 49,015.

As expected, the U.S. Federal Reserve kept interest rates unchanged after three consecutive 25-basis-point rate cuts. The central bank pointed out: "Available indicators suggest that economic activity has been expanding at a solid pace."

Micron (MU) advanced 6.10% to mark another record closing level above 435 dollars.

Other semiconductor stocks also performed well, with Intel (INTC) jumping 11.04%, Texas Instruments (TXN) up 9.94%, and Nvidia (NVDA) up 1.59%.

AT&T (T) rose 4.65% and Seagate Technology (STX) surged 19.14%, as both companies gave upbeat result guidance.

In after-market hours, after reporting quarterly results, Microsoft (MSFT) slid 6%, while both Meta (META) and IBM (IBM) jumped 8%, and Tesla (TSLA) added 2%.

The U.S. 10-year Treasury yield edged up to 4.247%.

European stocks closed lower, with the DAX 40 declining 0.29%, the CAC 40 down 1.06%, and the FTSE 100 down 0.52%.

U.S. WTI crude futures gained 82 cents (+1.31%) to $63.21 dollars a barrel, a fresh three-month high.

Gold saw its record-breaking rally accelerate, bouncing over 4% to 5,416 dollars an ounce on Wednesday. On Thursday morning, it charged higher to an all-time high of 5,491 dollars an ounce.

Silver ran up to a record of 118 dollars an ounce.


Market Wrap: Forex

The U.S. dollar rebounded from a four-year low against other major currencies, with the dollar index climbing to 96.36.

EUR/USD retreated 98 pips to 1.1943.

USD/JPY jumped 125 pips to 153.44.

GBP/USD slipped 48 pips to.3798.

AUD/USD rose 22 pips to 0.7033, posting an 8-day rally. Australia's inflation rate increased to 3.8% year on year in December from 3.4% in November.

USD/CHF climbed 79 pips (+1.04%) to 0.7689.

USD/CAD was down 26 pips to 1.3548. The Bank of Canada kept its key interest rate unchanged, as expected.

Bitcoin managed to hold up at levels above 89,000 dollars.


Morning Trading

In Asian trading hours, EUR/USD rebounded to 1.1975 and GBP/USD bounced to 1.3822.

Meanwhile, USD/JPY eased to 153.05.

Gold extended its rally to 5,521 dollars.

Bitcoin was little changed at 88,920 dollars.


Expected Today

In the U.S., weekly initial jobless claims are estimated at 205,000, while factory orders are expected to grow 0.4% month-on-month in November.
Forex Last %1D %YTD
EUR/USD 1.1985 0.28 1.76
USD/JPY 152.95 -0.29 -2.07
GBP/USD 1.3835 0.22 2.46
Commodities Last %1D %YTD
Gold 5,583.3800 3.41 25.15
Silver 120.1580 3.07 63.59
Crude Oil 64.1100 1.42 10.63
EUR/USD Intraday: continuation of the rebound. Next
Pivot: 1.1925

Our preference: long positions above 1.1925 with targets at 1.2030 & 1.2060 in extension.

Alternative scenario: below 1.1925 look for further downside with 1.1895 & 1.1865 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
EUR/JPY intraday : the upside prevails as long as 182.93 is support Previous  | Next
Our pivot point is at 182.93.

Our preference: the upside prevails as long as 182.93 is support

Alternative scenario: below 182.93, expect 182.37 and 182.04.

Comment: the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 183.33 and 183.15).
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: continuation of the rebound. Previous  | Next
Pivot: 1.3780

Our preference: long positions above 1.3780 with targets at 1.3865 & 1.3900 in extension.

Alternative scenario: below 1.3780 look for further downside with 1.3750 & 1.3730 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
GBP/JPY intraday : as long as 211.33 is support look for 212.61 Previous  | Next
Our pivot point is at 211.33.

Our preference: as long as 211.33 is support look for 212.61

Alternative scenario: below 211.33, expect 210.89 and 210.63.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 211.63 and 211.17).
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: 152.40 expected. Previous  | Next
Pivot: 153.55

Our preference: short positions below 153.55 with targets at 152.40 & 152.10 in extension.

Alternative scenario: above 153.55 look for further upside with 154.00 & 154.40 as targets.

Comment: as long as 153.55 is resistance, expect a return to 152.40.
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: aim @ 1.3470. Previous  | Next
Pivot: 1.3590

Our preference: short positions below 1.3590 with targets at 1.3470 & 1.3440 in extension.

Alternative scenario: above 1.3590 look for further upside with 1.3625 & 1.3660 as targets.

Comment: as long as 1.3590 is resistance, likely decline to 1.3470.
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: the upside prevails. Previous  | Next
Pivot: 63.30

Our preference: long positions above 63.30 with targets at 64.90 & 65.70 in extension.

Alternative scenario: below 63.30 look for further downside with 62.55 & 62.10 as targets.

Comment: the RSI is bullish and calls for further advance.
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) (J6) Intraday: further advance. Previous  | Next
Pivot: 67.50

Our preference: long positions above 67.50 with targets at 68.90 & 69.45 in extension.

Alternative scenario: below 67.50 look for further downside with 66.70 & 66.15 as targets.

Comment: the RSI calls for a bounce.
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: choppy. Previous  | Next
Pivot: 49290

Our preference: short positions below 49290 with targets at 48930 & 48790 in extension.

Alternative scenario: above 49290 look for further upside with 49360 & 49470 as targets.

Comment: intraday technical indicators are mixed.
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: the upside prevails. Previous 
Pivot: 5380

Our preference: long positions above 5380 with targets at 5650 & 5730 in extension.

Alternative scenario: below 5380 look for further downside with 5315 & 5255 as targets.

Comment: the RSI is above its neutrality area at 50%.
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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