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Pound Near $1.24, Awaiting BoE DecisionThe British pound hovered around $1.24, just below a three-week high, as traders assessed central bank decisions and the UK economic outlook. The Fed held rates steady with a cautious tone on cuts, while the ECB is expected to lower rates by 25bps, following similar moves by the BoC and Riksbank. In the UK, the BoE is likely to cut rates by 25bps in February, though stronger data may slow the pace. Meanwhile, Finance Minister Rachel Reeves outlined growth plans, including a third Heathrow runway, while debt sustainability remains a concern. Key resistance is at 1.2460, with further levels at 1.2500 and 1.2600. Support stands at 1.2400, followed by 1.2350 and 1.2265.
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Yen Strengthens, Awaits BOJ Himino's CommentsThe Japanese yen strengthened past 154.5 per dollar on Thursday, marking a second straight gain as investors awaited BOJ Deputy Governor Ryozo Himino’s remarks. Earlier this month, Himino signaled the January 24 rate hike, fueling speculation of a continued hawkish stance. The BOJ raised rates and upgraded inflation forecasts in January but remains cautious, with future decisions depending on inflation, wages, and global risks. Meanwhile, the Fed paused its rate cuts, noting inflation remains “somewhat elevated.” Key resistance is at 155.60, with targets at 158.70 and 160.00. Support stands at 153.80, followed by 151.90 and 149.20.
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EUR/USD Gains Limited by USD StrengthEUR/USD edges higher after three losses, trading around 1.0420 in Thursday’s Asian session, driven by a technical USD rebound. The US Dollar Index (DXY) remains just under 108.00. Further EUR/USD gains may be limited as the Fed maintains a hawkish stance, removing confidence in inflation reaching 2%. Fed Chair Powell stated policy changes require "real progress on inflation or labor market weakness." As expected, the Fed held rates at 4.25%-4.50% in January after three cuts since September 2024, totaling a 1% reduction. Meanwhile, the ECB is expected to cut rates by 25 basis points on Thursday, lowering the Deposit Rate to 2.75%, with further cuts anticipated, pressuring the Euro. Traders await Eurozone and German Q4 GDP data, followed by the US GDP report later. Technically, resistance levels are at 1.0450, 1.0515, and 1.0550, while support levels are at 1.0355, 1.0270, and 1.0225.
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Gold Analysis by zForex Research TeamGold Holds Ground After Fed Decision Gold held around $2,760 per ounce on Thursday after a slight decline, as investors reassessed the Fed’s hawkish stance. Policymakers reaffirmed that inflation remains elevated, removing references to progress toward 2%, which weighs on gold by increasing the opportunity cost of holding non-yielding assets. Dovish moves from other central banks supported the precious metal. The BoC ended quantitative tightening, the Riksbank cut rates, and the ECB is expected to follow. The RBI and PBoC also signaled rate cuts. Technically, resistance is at 2,790, with further levels at 2,800 and 2,820. Support stands at 2,730, followed by 2,660 and 2,630.
EIGHTCAP:XAUUSD
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Silver Declines as Trump’s Tariff Threats Shake MarketsSilver fell to $30 per ounce on Wednesday, extending losses as the dollar rebounded amid Trump’s escalating tariff threats. Trump announced tariffs on chips, pharmaceuticals, steel, aluminum, and copper to boost domestic production. Traders remained cautious ahead of the February 1 tariff deadline for China, Mexico, and Canada. Meanwhile, the Fed is expected to keep rates unchanged this week. In China, overcapacity in the solar panel industry led firms to adopt a government-led self-discipline program, potentially limiting silver demand. Technically, the first resistance level will be 31.00 level. In case of this level’s breach, the next levels to watch would be 31.80 and 32.50 consequently. On the downside 29.85 will be the first support level. 28.80 and 28.50 are the next levels to monitor if the first support level is breached.
FOREXCOM:XAGUSD
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GBP/USD Drops from Three-Week High Amid Tariff and Rate SpeculatThe British Pound fell to $1.244 from a three-week high after Trump’s tariff threats on semiconductors, pharmaceuticals, and steel fueled dollar strength. Markets focused on central bank policies, with the Fed expected to hold rates and the ECB likely to cut by 25bps. In the UK, the BoE is still expected to cut rates in February despite strong PMI data. The first resistance level for the pair will be 1.2460. In the event of this level's breach, the next levels to watch would be 1.2500 and 1.2600. On the downside 1.2420 will be the first support level. 1.2350 and 1.2265 are the next levels to monitor if the first support level is breached.
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Yen Slips to 155.6 as Markets Await Fed Policy DecisionThe yen trades around 155.6 per dollar, slipping after Tuesday’s loss as investors await the Fed’s policy decision. The central bank is expected to hold rates steady despite Trump’s calls for immediate cuts. Trump’s escalating tariff threats added pressure, while safe-haven demand linked to a low-cost Chinese AI model faded. BOJ minutes showed a cautious stance on policy adjustments, though January’s rate hike and inflation forecast revisions signal potential further increases. The key resistance level appears to be 158.60, with a break above it potentially targeting 160.00 and 161.00. On the downside, 154.90 is the first major support, followed by 153.80 and 151.90 if the price moves lower.
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Fed Policy and Trump’s Rate Cut Push Keep EUR/USD in FocusEUR/USD trades around 1.0440, while the Dollar Index holds at 107.9 as investors await the Fed’s policy decision. The central bank is expected to keep rates unchanged, with a focus on Powell’s remarks and inflation outlook for rate cut signals. Trump's call for immediate rate cuts adds pressure, while traders await Friday’s PCE inflation report. The dollar strengthened after Trump’s new tariff threats, with the first round against Mexico, Canada, and China set for February 1. From a technical perspective, the first resistance level is at 1.0490, with further resistance levels at 1.0515 and 1.0550 if the price breaks above. On the downside, the initial support is at 1.0355, followed by additional support levels at 1.0270 and 1.0225. 
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Gold Extends Gains as Trump’s Tariff Plans Fuel Market AnxietyGold trades around $2,765 per ounce, extending its recovery as US tariff uncertainty increases safe-haven demand. Trump announced tariffs on computer chips, pharmaceuticals, and steel, while the White House confirmed plans for Canada and Mexico tariffs on February 1, with China also under consideration. Investors now await the Fed’s policy meeting, where rates are expected to remain unchanged. Higher rates typically weigh on gold, while markets also watch for the Fed’s response to Trump’s calls for rate cuts. Technically, the first resistance level will be 2790 level. In case of this level’s breach, the next levels to watch would be 2800 and 2820 consequently. On the downside, 2730 will be the first support level. 2660 and 2630 are the next levels to monitor if the first support level is breached.
EIGHTCAP:XAUUSD
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