Market Analysis Review

Daily Market Report: Expert Technical & Fundamental Insights – 29.01.2025

| 29 January, 2025 at 12:00 GMT

EURUSD

EURUSD traded slightly higher today amid tight volatility. It remained up by 0.30% in a week, trading at $1.0441 this morning & waiting for a big day ahead with the Fed rate decision. What happened since the beginning of 2025 is that USD index fell by -0.64% as Trump’s policy & his plans are not giving the stability the investors are aiming for. Trump announced before that he needs weaker USD not a stronger one. Keep an eye on FOMC press conference later today, reducing the rates by the Fed ( if happens) is likely to make EUR stronger. 

Price action is still giving potential to higher level, targeting $1.0490 . Technical pattern kept repeating the same behavior in the last week which may formulate  another top at $1.0490 .

USDJPY

Last week, BoJ raised the interest rate to 0.5%, the highest in seventeen years, USDJPY traded slightly weaker today at 155.27. This currency pair remained highly correlated to the performance of the US bond yields, while  the Fed rate decision later today will the be the most important event , not to forget that weaker rates on USD ( if happens) may  send this pair lower which means stronger Yen. 

There is an important support at 154,but the traders’ behavior shows neutral attitude, with slightly negative momentum. Keep an eye on 154.45 ( support ) and 156.60 ( resistance).

GBPUSD

GBPUSD traded slightly higher today at $1.2456, but still down by -0.50% YTD, compared to 0.80% gains YTD in EURUSD. BoE is expected to cut the rates in February, so keep an eye on BoE’s governor Bailey speech later today & Fed rate decision as well . 

Hourly price action is still heading higher & targeting $1.2490. $1.2405 & $1.2350 are support levels. According to market’s forecasts, this currency pair remains sideways, with 25% bearish & 25% bullish.

Gold

Since the start of 2025, gold gained by more than 5%, beating other major metals such as Iron or 4%, titanium 2.2% and steel 2.6%. Keep in mind that strong USD in 2024 had no negative impact on gold but Trump’s tariffs may cause higher global inflation which is good for gold buyers. Trump wanted weaker USD, and this requires cutting the rates by the Fed , weaker rates on USD & higher global inflation ( if happens) will be the best bullish scenario for gold. 

1H RSI started falling from 70 but the traders’ behavior remains cautious. $2740 & $2732 are short-term support, $2770 is resistance.

Silver

Silver slightly fell today & traded at $30.32 per ounce. China’s manufacturing PMI fell to 49.1 in January , weaker than before, that’s not a positive sign. According to many sources, overcapacity in China’s solar panel industry may dampen the demand for silver, this industry is one of the top industries that depends on  silver. 

Hourly volatility index is low, and RSI is trading sideways as well. $29.90 is support, $30.60 is resistance. Silver is still up by 5.17% in 2025. 

Oil – WTI

The last week was not good one in oil markets as oil prices fell by more than 2%, WTI was little changed today at $73.80PB, Brent $77.40PB. According to API, US weekly crude oil inventories increased by 2.8 million barrels last week , EIA will release the weekly inventories later today. Libya resumed its oil exports after oil exports briefly halted due to protests. Russia kept sending oil to India despite the heavy US sanctions on Russian oil exports. 

Price action is heading higher to $75PB, and trend index in 15M remains bullish. According to forecast, 75% are still bullish on oil ( week) but less bullish in a month ( only 33% ) .

DAX

DAX futures traded higher today at 21479, after it gained by 0.7% on Tuesday,  closing at a fresh record high, led by biopharmaceutical firm Sartorius. German consumer confidence will be due later today; however, the traders are likely to closely watch the FOMC rate  decision tonight  and will be waiting for ECB rate decision tomorrow . Yesterday, Merck increased by 2.9%, followed by 1.4% in Mercedes & 7.5% in Siemens energy after beating the analysts’ revenue & profit estimates. 

Technical diagram remained bullish, with bullish trend index ( weekly) and bearish on daily for being overbought ( technically) . 21150 is an important support.

Nasdaq

US stock futures traded higher today after positive closing on Tuesday with 0.9% gains in SPX & more than 2% in Nasdaq. Nvidia jumped by more than 8%, trying to recover from the heavy losses on Monday by -17% that wiped out more than $500B in market value. Traders are likely to remain focused on AI trend & tech sector while FOMC today will be the major event that the markets will watch for any change in the Fed monetary policy. Forecasts showed that the Fed is unlikely to cut the rates in today’s meeting. 

Hourly trend index in bullish, supported by price action that kept increasing , not far from  70      ( overbought on RSI ). 21160 & 21000 are support levels. 21800 will be the next target.

BTCUSD

Major crypto currencies traded higher today, BTC $102500, Eth $3150, Cardano $0.9420 & XRP $3.1%. FYI, Ripple ( XRP ) rose by almost 50% YTD, beating the biggest crypto currencies in market cap that include BTC  & ETH, XRP’s market cap is almost $180B now. French investigators opened  fraud probe against crypto exchange Binance, Binance is the World’s largest cryptocurrency exchange, however Binance denied the allegations. 

Hourly trend index is bullish, and the forecasts showed that  67% remained bullish & 33% sideways. $105100 is the next target then $106600. $100300 & $98400 are important support ( 1H).