By Orbex
USDCHF tests support
The US dollar edged lower as traders ditched its safe-haven appeal.
The pair met strong support at 0.9260 over the 30-day moving average. A break above the immediate resistance at 0.9340 prompted short-term sellers to cover their positions, opening the door for potential bullish continuation.
A break above 0.9370 could bring the greenback back to the 12-month high at 0.9470. 0.9260 is major support in case of hesitation and its breach could invalidate the current rebound.
XAUUSD struggles for support
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Gold struggles as risk appetite returns amid ceasefire talks. A fall below 1940 forced those hoping for a swift rebound to bail out.
On the daily chart, gold’s struggle to stay above the 30-day moving average suggests a lack of buying power. Sentiment grows cautious as the metal tentatively breaks the psychological level of 1900.
A drop below 1880 could make bullion vulnerable to a broader sell-off to 1850. An oversold RSI attracted some bargain hunters, but buyers need to lift offers around 1940 before they could expect a rebound.
UK 100 heads towards recent peak
The FTSE 100 continues upward as Russia promises to de-escalate. A bullish close above the origin of the February sell-off at 7550 has put the index back on track.
Sentiment has become increasingly upbeat over a series of higher highs. The lack of selling pressure would send the index back to this year’s high at 7690.
A bullish breakout may resume the uptrend in the medium term. As the RSI shot into the overbought zone, profit-taking could drive the price down temporarily and 7460 would be the closest support.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- Bitcoin has dropped below $70,000. The Bank of Mexico held its rate at 7% Feb 6, 2026
- Gold Closes with a Decline for the Second Week in a Row: Fewer Risks Feb 6, 2026
- The British Index has hit a new all-time high. Silver has plummeted by 16% Feb 5, 2026
- GBP/USD Under Local Pressure: Focus on Bank of England Signals Feb 5, 2026
- Bitcoin has plummeted to a 14-month low. Silver jumped by more than 10% Feb 4, 2026
- Gold is Back in the Black: Geopolitics Dictates Conditions Again Feb 4, 2026
- US natural gas prices collapsed by 21%. The RBA raised its interest rate by 0.25% Feb 3, 2026
- What goes up must come down… Feb 2, 2026
- Donald Trump appoints a new successor for the Fed chair. Precious metals hit by sell-off Feb 2, 2026
- USDJPY Realises Correction: BOJ Policy Weighs on Yen Feb 2, 2026
