The USDCHF is moving lower in North American trading, pressured by a softer US dollar backdrop as risk sentiment deteriorates. US equities opened sharply lower, with the S&P 500 down 0.78% and the NASDAQ falling 1.08%. At the same time, US yields are declining despite higher-than-expected PPI data, signaling markets are looking past inflation strength for now. The 10-year yield is down 4.2 basis points, with the 2-year yield lower by a similar amount.Technical pictureFrom a technical perspective, today’s upside attempt stalled near the converged 100- and 200-hour moving averages around 0.7740, where sellers stepped in decisively. That rejection gave sellers the green light, with downside momentum beginning late in the European morning session and extending into early US trading.The pair is now testing a lower channel trendline and swing support near 0.7692. A sustained break below this level would increase the bearish bias and shift focus toward the February 12–13 swing lows near 0.7669. Below that, the next downside targets come in at the January 28 and February 10 swing lows around 0.7629.What would disappoint sellers?A move back above 0.7708, defined by swing lows from Monday and yesterday’s trading, would weaken the immediate bearish momentum. A break above that level could trigger short covering and open the door for a rotation back toward the converged 100- and 200-hour moving averages near 0.7740. This article was written by Greg Michalowski at investinglive.com.

U.S. equity futures are under pressure this morning, with the Nasdaq (NQ) and S&P 500 (ES) both down 0.9%, while the Russell 2000 (RTY) is lagging further with a 1.3% drop. While the "Magnificent 7" are seeing modest declines led by Microsoft (-2.5%), the real story is a violent resumption of selling in the software sector.Investors are increasingly wary of companies transitioning their business models toward AI, punishing any signs of slowing growth or margin compression in exchange for long-term AI positioning.On CNBC this morning, they ran a pair of comments from software markers highlighting how "something changed" in December with regards to the capability of models in replacing coders. One of those was Block, which is up 15% today after laying off 40% of staff. Everyone is taking that as a sign of what's to come.The software sector is seeing some of its sharpest single-day declines of the year, driven by a "show-me" attitude from investors regarding AI monetization.Duolingo (DUOL) -27%: The language-learning giant is the morning's biggest casualty. Despite beating Q4 numbers, the stock is cratering on weak 2026 guidance. Management is pivoting toward a "growth over profit" strategy, investing heavily in free-user experience and AI features (like Video Call) to scale to 100 million DAUs. The market, however, is fixated on the projected EBITDA margin compression (from 29.5% to 25%) and slowing bookings growth.Zscaler (ZS) -13%: Even a "beat and raise" wasn't enough for the cybersecurity firm. While ZS topped estimates, investors were disappointed by the organic growth metrics. Much of the upside was attributed to the Red Canary acquisition rather than core organic acceleration, sparking fears of a "growth ceiling" in a crowded security market.Intuit (INTU) -3.1%: The financial software leader posted a robust quarter with 17% revenue growth, but a disappointing outlook for the upcoming quarter has weighed on shares. Investors are cautious about the high debt load used to fund AI initiatives and the slower-than-expected return to double-digit growth for the Mailchimp segment.While "SaaS" (Software as a Service) is struggling, the "Picks and Shovels" of AI continue to show diverging paths based on their balance sheets. Today's winner is Dell, up 11% on stellar Q4 results fueled by a massive backlog in AI servers. Dell remains a primary beneficiary of the hardware build-out.On the flip side, CoreWeave is down 11.5% on a wider than expected loss and $30 billion capex plan.Finally, NFLX shares are up 8.6% after bowing out of the race for Warner Brothers and taking a $2.8 billion break fee. This article was written by Adam Button at investinglive.com.

Prior was +2.6%GDP -0.2% q/q vs +0.6% priorReal GDP increased 1.7% in 2025Exports rose 1.5% in the fourth quarter, after increasing 0.9% in the third quarter.Imports rose 0.3% December GDP +0.2%The number might not be as bad as it looks as the fourth quarter decrease was largely due to withdrawals of business inventories following inventory accumulations in the third quarter.For the full year, Canada grew 1.7% in 2025 — the weakest pace since the pandemic year of 2020. The culprit? US-bound exports that never fully recovered after a rough Q2. This is a soft print on the surface and the annual growth figure will raise eyebrows, but the inventory story gives the Bank of Canada some cover to avoid reading too much into it. The BOC already cut four times in 2025, and with the household saving rate holding up at 4.9% for the year and compensation of employees still growing, it's not a recessionary alarm bell.Watch the per capita number though — that was flat in Q4 after +0.5% prior.Other good news was in the December report. The manufacturing sector rose 1.2% in December. A rebound in machinery manufacturing (+6.6%) largely recouped the declines recorded in the two preceding months.USD/CAD is flat on the day at 1.3679 but rose about 10 pips on this report. The loonie had been higher on the day before the data in large part due to the jump in oil prices today (because of expectations of a US attack on Iran). This article was written by Adam Button at investinglive.com.

Prior YoY was +3.0% PPI M/M +0.5% vs 0.3% expectedPrior +0.5% (revised to 0.4%)Core PPICore PPI Y/Y +3.6% vs +3.0% expectedPrior +3.3% Core PPI M/M +0.8% vs +0.3% expectedPrior Core PPI MoM +0.7% (revised to 0.6%)PPI Ex Foor/Energy/Trade YoY 3.4% vs 3.5% last monthPPI Ex Food/Energy/Trader MoM 0.3% vs 0.3% last month (revised from 0.4% last month)For the second month in a row, the PPI came in higher than expectations. The data suggests the despite all the chatter about inflation moving lower, it is still sticky and is what is bothering people. The inflation from the pandemic is irrelevant. Cost/Push inflation continues to move higher, and that is not a good thing. US stocks are sharply lower with the Nasdaq down -245 points. The Dow is down -571 points. The S&P is down -63 points.Yields in the US are still lower on the day with the 10 year below 4.0% at 3.984%. 2 year yield is down -4.2 basis points at 3.405%.Gold moved up to test swing area resistance:Silver moved up to test the 50% of the move down from the all-time high to the low reached in February. WHAT THE US PPI MEASURES?The Producer Price Index (PPI) is an economic indicator that measures the average change over time in the selling prices received by domestic producers for their output. In simpler terms, it tracks inflation from the perspective of the seller/business rather than the consumer like the Consumer Price Index (CPI). This article was written by Greg Michalowski at investinglive.com.

TGIF.The USD is little changed to start the North American session as traders await the US January PPI report at 8:30 AM ET. Expectations are for a +0.3% MoM increase, while the YoY rate is forecast to ease to 2.6% from 3.0%. The dollar is trading mixed against the major currency pairs — EURUSD, USDJPY, and GBPUSD — as markets look for the next catalyst.EURUSDThe EURUSD has moved back above its converged 100- and 200-hour moving averages near 1.1800, a level that now serves as the key barometer for both buyers and sellers today.If buyers can maintain control above those moving averages, the next upside focus shifts toward the 50% midpoint of the 2026 trading range at 1.1830, an area that capped gains yesterday. Monday’s high at 1.1834 reinforces this resistance zone. A sustained break above both levels would strengthen the bullish bias and open the door toward 1.1860, followed by 1.1890.On the downside, a move back below the hourly moving averages would shift attention to a swing support area between 1.1760 and 1.1778. A break below that region would target the 100-day moving average near 1.1693 as the next major downside objective.For the week, the pair has traded within roughly a 70-pip range, highlighting a non-trending environment. Such compression typically precedes a larger directional move once a breakout occurs.USDJPYThe USDJPY moved lower during the Asian-Pacific session and briefly dipped below its 100-hour moving average (155.76), but downside momentum quickly faded. The pair rebounded and stalled against a swing resistance area between 156.20 and 156.28.Heading into North American trading, the 100-hour moving average acts as close support, while the swing area above serves as resistance. Traders will look for a decisive break on either side, with momentum likely following the direction of that breakout.GBPUSDThe GBPUSD has traded in a choppy range today. During the early European session, sellers leaned against the converged 100- and 200-hour moving averages near 1.3508, triggering a rotation lower toward 1.3475.On the downside, the 200-day moving average at 1.3445 remains the key technical level. The pair has tested this moving average five times recently, producing only modest breaks (about 8 pips) without sustained momentum. A clearer bearish bias requires a firm break and hold below this level.On the topside, a move back above 1.3508 would shift momentum back toward buyers, targeting resistance near 1.3537, followed by swing resistance zones at 1.3582–1.3590. This article was written by Greg Michalowski at investinglive.com.

Prior +2.1%HICP +2.0% vs +2.1% y/y expectedPrior +2.1%Core CPI Y/Y +2.5% vs +2.5% priorWe have slight misses here but that was pretty much expected after the softer German states readings here. Having said that, the core measure matched the prior reading. The data won't change anything for the ECB. The market reaction has been muted given no change to interest rates outlook. This article was written by Giuseppe Dellamotta at investinglive.com.

Rate cuts by year-endFed: 59 bps (98% probability of no change at the upcoming meeting)BoE: 52 bps (84% probability of rate cut at the upcoming meeting)ECB: 8 bps (99% probability of no change at the upcoming meeting)BoC: 9 bps (96% probability of no change at the upcoming meeting)SNB: 8 bps (89% probability of no change at the upcoming meeting)Rate hikes by year-endBoJ: 46 bps (87% probability of no change at the upcoming meeting)RBA: 43 bps (83% probability of no change at the upcoming meeting)RBNZ: 28 bps (99% probability of no change at the upcoming meeting)You can find last week's market pricing here.It's been a pretty lacklustre week amid limited news and data releases. Therefore, it shouldn't be surprising to see very small changes in in market pricing. The most notable moves were seen on BoJ and RBA side. We got a slightly dovish repricing for the BoJ after a Mainichi report revealed that Japanese PM Takaichi opposed further rate hikes during her meeting with Governor Ueda last week.Following the higher than expected Australian monthly CPI, traders firmed up expectations for a back-to-back RBA rate hike in March but the probabilities fell a little after Governor Bullock called for patience.Finally, we got a slightly dovish repricing for the Fed despite strong US data this week. This was most likely caused by the stock market weakness amid persistent US-Iran tensions as the US macro picture remains solid. This article was written by Giuseppe Dellamotta at investinglive.com.

Headlines:Gold remains supported amid US-Iran uncertainty, but downside risks linger with NFP nextOil prices remain supported amid US-Iran uncertainty; traders likely to hedge into weekendMajor currencies not up to much as we get into the final stretch of the weekBavaria February CPI +1.9% vs +2.1% y/y priorFrance February preliminary CPI +1.0% vs +0.8% y/y expectedSpain February preliminary CPI +2.3% vs +2.2% y/y expectedFrance Q4 final GDP +0.2% vs +0.2% q/q prelimSwitzerland Q4 GDP +0.1% vs +0.2% q/q expectedChina's Politburo: Development process of latest 'five-year plan' is "extremely unusual"Markets:US dollar steady, little changed; CHF leads, GBP lags on the dayEuropean equities steady, mostly little changedS&P 500 futures lower by 0.4%, Nasdaq futures down 0.5%WTI crude oil up over 2% to $66.87Gold flat at $5,186 while silver is up 1% to $89.69US 10-year yields down 3 bps to 3.997%Bitcoin down 2.2% to $65,949It was a relatively slower session with markets staying on edge as we approach the closing stages of the week/month.Geopolitical tensions remain in focus as traders and investors await further developments between the US and Iran ahead of the weekend. That is making for a more guarded mood in general, with the dollar holding steadier while risk trades stay on the defensive. Meanwhile, oil prices are staying underpinned with WTI crude up over 2% near the week's highs at $66.87.In the major currencies space, there wasn't much action to take note of. The dollar is keeping little changed mostly and more mixed with the bigger news being from Asia trading when China stepped in to slow the yuan appreciation by making it cheaper to buy up the dollar. That didn't translate to much influence in Europe though.EUR/USD is flat around 1.1803 with large option expiries in play at the 1.1800 mark. Meanwhile, GBP/USD is flat at 1.3475 despite political risks coming in as Labour were humiliated by the Gordon and Denton by-election results. Then, USD/JPY is down slightly by 0.2% to 155.83 but there wasn't anything in it with the pair ranging near the 156.00 mark on the session.Looking to equities, major indices in Europe kept a steadier mood with light changes and a more mixed showing. The selloff in Wall Street yesterday was largely due to tech shares and we're seeing that continue again today. US futures are keeping lower across the board with S&P 500 futures down 0.4% and Nasdaq futures down 0.5% currently.As for precious metals, there wasn't much in it either with gold flat at $5,186 and silver just up a little over 1% to $89.69 on the day.All eyes are staying on geopolitical developments, US stock market sentiment, as well as month-end flows in looking to wrap up the week. This article was written by Justin Low at investinglive.com.

While a lot of focus on the BOJ is turning to the outcome of the spring wage negotiations in the weeks ahead, ANZ is one to argue that the bigger picture outlook might be one that limits the scope for the central bank to stay on the tightening path. And the firm argues that it won't be from a shake up of the BOJ board nor pressure from the government. Instead, it is the very nature of inflation dynamics in Japan.ANZ forecasts that inflation pressures in Japan will begin to soften this year and are looking for core prices to ease back down towards the 2% level. As such, that will challenge the BOJ mandate of having to be able to "sustain" core inflation at that threshold. The firm notes that:"There is much to consider in Japan’s economic outlook. However, in coming months we expect domestic economic conditions will be consistent with gradual disinflation through 2026. Headline Consumer Price Index inflation was 1.5% y/y in January, and we forecast it will average 1.7% this year. We expect core inflation (2.4% y/y) will come down gradually, closer to 2.0%. We are of the view that the BOJ needs to proceed cautiously with respect to further tightening.We forecast only one more 25 bps rate rise this year, as Japan gradually moves away from the zero lower bound, taking the policy rate to 1.00%."That's slightly on the conservative side as opposed to market pricing, with traders currently seeing ~46 bps of rate hikes from the BOJ by year-end.If there is really going to be just one more rate hike left by the BOJ, they might want to get a move on with the opportunity window likely to narrow further once we get past March and even more so after June. This article was written by Justin Low at investinglive.com.

FUNDAMENTAL OVERVIEWUSD:The US dollar continues to bounce around as macro and geopolitical uncertainty is keeping the market rangebound. The greenback strengthened yesterday after early reports suggested the third round of US–Iran talks had broken down, with Iran reportedly rejecting US demands. Later in the day, however, new headlines indicated that the discussions had actually made significant progress and that another round was scheduled for next week. The USD eventually gave back the gains. The potential US-Iran military escalation and the future Fed’s interest rates path remain the biggest risks for the US dollar. A military escalation will likely boost the greenback on severe risk-off mood. A hawkish repricing of interest rate expectations on stronger US data would also have a positive effect on the USD. Fed’s Waller placed a great deal on next week’s NFP report.CAD:On the CAD side, nothing has changed as the BoC remains in neutral mode and traders await new developments on the USMCA review front. Yesterday, Dominic LeBlanc, who is the Canadian minister responsible for US-Canada trade, said that private government to government conversations on USMCA are "not discouraging". Regarding separate bi-lateral deals, he said there have always been bilateral arrangements between the three countries. The signals have been mixed, but overall, slightly positive. The market is pricing some chances of a rate cut by year-end but those remain low. The economic data has been supportive of such stance with the labour market stabilising and core inflation hovering a bit above the 2.5% mid-point of the BoC 2-3% target range. USDCAD TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that USDCAD pulled all the way back to the monthly high around the 1.3725 level and stalled as the market got stuck in a consolidation. We can expect the sellers to lean on the 1.3725 resistance and the major downward trendline to position for a drop into new lows. The buyers, on the other hand, will look for a upside breakouts to increase the bullish bets into the 1.3900 handle next.USDCAD TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see the recent price action formed a potential head and shoulders pattern near the monthly high with the neckline standing around the 1.3650 level. The buyers will likely continue to step in around the neckline with a defined risk below it to keep pushing into new highs, while the sellers will look for a break lower to increase the bearish bets into the 1.3500 handle next.USDCAD TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can add here as the buyers will have a better risk to reward setup around the neckline, while the sellers will either wait for a break below the neckline or above the resistance. The red lines define the average daily range for today. UPCOMING CATALYSTSToday we conclude the week with the Canadian GDP and the US PPI data but continue to watch out for US-Iran headlines ahead of the weekend. This article was written by Giuseppe Dellamotta at investinglive.com.

FUNDAMENTAL OVERVIEWOil prices surged yesterday after early reports suggested the third round of US–Iran talks had broken down, with Iran reportedly rejecting US demands. Later in the day, however, new headlines indicated that the discussions had actually made significant progress and that another round was scheduled for next week. The prices pulled back on the news but eventually rebounded as traders hedged into the weekend risk as you never know with Trump. This kind of back-and-forth is keeping the market rangebound near the highs with a bullish skew.If a military conflict were to erupt, oil prices would likely spike sharply, particularly due to the risk of disruption in the Strait of Hormuz, a critical chokepoint for global energy supplies. Conversely, a clear sign of US military de-escalation or a breakthrough in negotiations between Washington and Tehran would likely be needed for prices to retreat toward the $60 level. For now, elevated geopolitical tensions are expected to keep the oil market well supported.CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that crude oil continues to consolidate around the highs as US-Iran tensions persist. We can expect the sellers to continue to step in around the 66.43 resistance with a defined risk above it to target a drop back into the 62.36 support. The buyers, on the other hand, will look for a break higher to increase the bullish bets into the 70.50 level next.CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see the price probed below the mid-range support around the 64.14 level but eventually rebounded. There’s not much we can add here as the sellers will continue to step in around the resistance, while the buyers will look for a breakout.CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we can see the price broke above the minor downward trendline and pulled back to retest it before another push to the upside. The price action remains mostly rangebound so there could be many false breaks. From a risk management perspective, the sellers continue to have a better risk to reward setup around the highs, while the buyers around the 62.36 support. The red lines define the average daily range for today.UPCOMING CATALYSTSToday we conclude the week with the US PPI report but continue to watch out for US-Iran headlines ahead of the weekend. This article was written by Giuseppe Dellamotta at investinglive.com.

The broader market sentiment is one that looks to be more cautious, especially with the sudden hit in Wall Street overnight. In the end, US stocks ended lower but it could've been worse. Tech shares led the declines as the S&P 500 fell by 0.5% and Nasdaq by 1.0%, while the Dow closed flat.That's keeping traders on edge with major currencies also not up to much today. The changes are light and besides sizing up the overall risk mood as well as geopolitical and trade headlines, there are other individual factors in play for some major currencies.Here's a look at the changes among dollar pairs so far on the day:It's really not hinting at much with the broader market focus hinging on a couple of factors as we look to wrap up the week/month.USD- Geopolitical tensions remain a key risk element, with eyes on US-Iran mostly- Traders are also still digesting tariff plans by the US administration, although there is more time to take all of that in- Overall risk mood also remains on edge after tech shares took a knock yesterday, failing to gather courage from Nvidia earnings- Month-end flows also in consideration ahead of the London fix later todayEUR- Large option expiries at 1.1800 likely to help lock in EUR/USD until US tradingJPY- Intervention risks continue to stay in play as USD/JPY keeps above 155.00 and rebounds above 156.00 on the dayGBP- A knock back yesterday saw GBP/USD test the 200-day moving average, so that remains the key level in focus- Political risks come back into the picture after Labour was humiliated in the Gorton and Denton by-electionCHF- Geopolitics is the key thing to watch, in case it triggers a more risk-off mood- Likewise, heavier selling in equities and risk trades could also be the trigger to underpin the francCAD- GDP data in focus but all eyes will stay on the oil market (Middle East tensions) as an indirect influenceAUD & NZD- Trading sentiment will ride on the dollar mood but mostly on broader market sentiment as well- As such, geopolitical risks and any risk-off triggers will be the key thing to watch before the weekend; positioning plays included This article was written by Justin Low at investinglive.com.

FUNDAMENTAL OVERVIEWThe Nasdaq sold off yesterday after early reports suggested the third round of US–Iran talks had broken down, with Iran reportedly rejecting US demands. Later in the day, however, new headlines indicated that the discussions had actually made significant progress and that another round was scheduled for next week. This kind of back-and-forth on the macro and geopolitical front is keeping most markets rangebound.Right now, the main risks for the Nasdaq are a potential US–Iran military escalation and a hawkish repricing of Fed interest rate expectations.On the rates side, the market is still pricing in about 57 bps of easing by year-end. This outlook could be at risk of a hawkish repricing on further improvement in the US labour market data. In fact, Fed Governor Waller said that he would consider holding rates steady if we see another strong NFP report like January’s. That makes next Friday’s data especially important as solid numbers could weigh on equities in the short term as traders dial back expectations for rate cuts.The bigger risk, though, is geopolitical. If a military conflict between the US and Iran were to break out, oil prices would likely surge. That would represent a negative shock to the global economy and raise stagflation concerns. The initial market reaction would almost certainly be a sharp move toward risk aversion, with equities selling off hard as growth expectations deteriorate. To sum up, there are lots of downside risks at the moment with little reasons for a rally into new all-time highs. The macro backdrop remains broadly supportive, with easing inflation and a resilient labour market, but that picture could shift quickly. Traders will need to stay nimble. NASDAQ TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see the Nasdaq has been trading in a wide range since October of last year. Such long consolidations generally lead to big trending moves once the price breaks out. Until then, the market participants will continue to play the range. NASDAQ TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we got a breakout of the 24,700-25,127 range on Wednesday, but all the gains were eventually pared back yesterday on the US-Iran tensions. We now have an upward trendline defining the bullish structure on this timeframe. The buyers will likely lean on the trendline with a defined risk below the 24,700 support to keep pushing into new highs, while the sellers will look for a break below the trendline and the support to increase the bearish bets into the 24,200 level next. NASDAQ TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can add here as the buyers will have a better risk to reward setup around the trendline and the 24,700 support, but another break above the 25,127 could see the buyers piling in for a move back into the 25,500 level. The sellers, on the other hand, will likely step in around the 25,127 level with a defined risk above it to position for a break below the trendline. The red lines define the average daily range for today. UPCOMING CATALYSTSToday we conclude the week with the US PPI report but continue to watch out for US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.

The other readings released around the same time (updated on the go):North Rhine Westphalia CPI +1.8% vs +2.0% y/y priorSaxony CPI +1.9% vs +2.1% y/y priorBaden-Wuerttemberg CPI +1.8% vs +2.1% y/y priorThe early indications point to headline annual inflation softening by a bit more than the January readings. At the balance, it points to the national reading later likely to come in around 1.9% (compared to the 2.0% estimate pointed out here).But as mentioned in the preview and linked post, the main thing to watch for German inflation is still core prices. Core annual inflation was seen stubborn around 2.5% in January, continuing to keep above the desired 2% threshold. The ECB will be watching that spot carefully, as price pressures in Europe's largest economy has been the main hindrance for policymakers in trying to cut interest rates further.Barring any major surprises though, the numbers today will continue to keep the ECB on the sidelines for the foreseeable future. This article was written by Justin Low at investinglive.com.

FUNDAMENTAL OVERVIEWGold got stuck in another consolidation as the bullish momentum remains weak amid conflicting signals. Yesterday, it looked like the third round of US-Iran talks went bad as we got reports of Iran rejecting US demands. The markets went into risk-off, eventually supporting gold prices. Later on, we got reports that the talks made significant progress and another round was scheduled for next week. This push and pull is keeping most market rangebound, including gold. Overall, the market might remain supported in the short-term amid some uncertainty, but I don’t see material changes to justify a rally back to all-time highs, at the moment. The real risks remain a potential US-Iran military escalation which could take gold prices to new highs or a hawkish repricing on stronger US data which would have a negative effect on the market. Fed’s Waller mentioned that he would change his dovish stance in case the strong January’s jobs data is repeated in February, so next week’s NFP report is going to be a key risk event for gold. GOLD TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that gold is creeping higher, but the momentum remains weak with many consolidations along the way. There’s not much we can glean from this timeframe, so we need to zoom in to see some more details.GOLD TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see the price is consolidating above the key 5100 zone as traders await new catalysts to pick a direction. From a risk management perspective, the buyers will have better risk to reward opportunities around the 5100 support and the minor upward trendline to position for a rally into new all-time highs. The sellers, on the other hand, will want to see the price breaking below the trendline to open the door for a drop back into the 4600 level next.GOLD TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can add here as the buyers will likely continue to step in around the support and the trendline, while the sellers will wait for the break of the trendline to gain more conviction for new lows. The red lines define the average daily range for today. UPCOMING CATALYSTSToday we conclude the week with the US PPI report but continue to watch out for US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.

Prior -0.5%; revised to -0.4%Swiss economic output bounces back in the final quarter of last year, after a drag in the third quarter. The decline was largely due to a big fall in the chemical and pharmaceutical industry, but that has now rebounded (+1.9%) in Q4 2025. Domestic demand conditions (+0.5%) held up and was supportive in the final quarter, helping to push up growth.Looking to the overall 2025 picture, Swiss GDP grew by 1.4% on the year. And that marks an improvement from the 1.2% reading in 2024. SECO notes that:"Domestic demand supported economic activity, largely driven by solid growth in private consumption. In contrast, foreign trade slowed GDP growth, as exports grew at a below-average rate while imports rose significantly."General economic conditions look to be holding up for Switzerland, so that at least provides a buffer for the SNB. That as they are having a tough task in dealing with deflationary pressures once again. Swiss inflation is teetering just above the zero mark and having to balance that out against a strong currency is the struggle that the central bank is facing right now.That will be the key theme in the months ahead for Switzerland, especially since EUR/CHF has already broken the 2025 lows and is keeping just above 0.91 for now. This article was written by Justin Low at investinglive.com.