{"id":54310,"date":"2023-01-31T09:46:17","date_gmt":"2023-01-31T07:46:17","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=54310"},"modified":"2025-10-16T15:07:37","modified_gmt":"2025-10-16T12:07:37","slug":"market-gets-more-cautious-usd-supported","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/ph\/market-gets-more-cautious-usd-supported\/","title":{"rendered":"Market gets more cautious, USD supported"},"content":{"rendered":"<p>The USD edged a bit higher yesterday against its counterparts as the market has started to be more cautious ahead of the announcement of the Fed\u2019s interest rate decision tomorrow. Market expectations that the bank will downshift its rate-hiking path to a 25-basis points rate hike may have started to be countered by the possibility that the Fed may maintain its hawkishness for a prolonged period. The same sentiment may have also had an adverse effect on US stock markets given that all three major US stock market indexes the Dow Jones, Nasdaq and S&amp;P 500 ended their day in the reds. In addition to that US stock markets have also to worry about the earnings releases with the highlight for the week being on Thursday when we get a number of mega tech companies\u2019 earnings reports, such as Apple, Alphabet and Amazon while Meta platforms releases its earnings report on Wednesday. Back in the FX market, market focus is also placed on the common currency given the high-impact financial releases related to the EUR this week and ECB\u2019s interest rate decision on Thursday.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Market gets more cautious, USD supported\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/RD2RmWNeB6Y?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>We made a start with Germany\u2019s preliminary GDP rate for Q4, which showed that the growth in the largest economy in the Eurozone slowed down on a year-on-year level, yet even contracted on a quarter-on-quarter level which in conjunction with ECB\u2019s hawkishness tended to intensify some worries for the economic outlook of the area as a whole. Also worrying for the German economy is the expected contraction of retail sales should it be realized for December which implies that the average consumer is less willing and or able to actually spend in the German economy. On the other hand, the market sentiment for the economic outlook and the conditions on the ground for Eurozone\u2019s economy seems to be improving which could be considered as a positive for the area. Last but not least across the world China\u2019s manufacturing sector seems to have increased economic activity for the first time since September which is an encouraging sign for the global economy, after China\u2019s reopening.<\/p>\n\n\n\n<p>EUR\/USD edged lower yesterday breaking the 1.0855 (R1) support line, now turned to resistance. Given that the pair\u2019s price-action broke the 1.0855, which formed a floor for the past few days and also that the RSI indicator has dropped below the reading of 50, we tend to switch our sideways bias in favour of a bearish outlook. Should the bears actually take charge, we may see the pair aiming if not breaking the 1.0715 (S1) support line. Should the bulls take over, we may see EUR\/USD breaking the 1.0855 (R1) resistance line and aim for the 1.1000 (R2) resistance level.<\/p>\n\n\n\n<p>USD\/CAD was on the rise yesterday showing some impressive bullish tendencies. Yet for us to adopt a clear bullish scenario we would require a clear breaking of the 1.3465 (R1) resistance line. Should buyers be in control of the pair\u2019s direction we may see USD\/CAD breaking the 1.3465 (R1) and aim for the 1.3570 (R2) resistance level. Should a selling interest be expressed by the market we may see the pair breaking the 1.3335 (S1) support line and aim for the 1.3230 (S2) support level.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>Today in the European session we note the release of the preliminary GDP rate for Q4 of France, the preliminary GDP rate for Q4 of the Czech Republic, France\u2019s preliminary HICP rate for January, Eurozone\u2019s preliminary GDP rate for Q4 and Germany\u2019s preliminary HICP rate for January. In the American session, we get from Canada of the GDP rate for November and the US consumer confidence for January, while just before the Asian session starts oil traders may be more interested in the release of the API weekly crude oil inventories figure and Kiwi traders at the release of New Zealand\u2019s labour Cost index for Q4. During tomorrow\u2019s Asian session, we are to get China\u2019s Caixin manufacturing PMI figure for January.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eur-usd-h4-chart\"><strong>EUR\/USD H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"755\" height=\"356\" src=\"\/wp-content\/uploads\/2023\/01\/image-124.png\" alt=\"support at one point zero seven one five and resistance at  one point zero eight five five, direction downwards  \" class=\"wp-image-54311\" title=\"eur-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 1.0715 (S1), 1.0585 (S2), 1.0440 (S3)<\/p>\n\n\n\n<p>Resistance: 1.0855 (R1), 1.1000 (R2), 1.1180 (R3)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-usd-cad-h4-chart\"><strong>USD\/CAD H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"751\" height=\"354\" src=\"\/wp-content\/uploads\/2023\/01\/image-125.png\" alt=\"support at one point three three three five and resistance at one point three four six five, direction sideways \" class=\"wp-image-54312\" title=\"usd-cad-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 1.3335 (S1), 1.3230 (S2), 1.3140 (S3)<\/p>\n\n\n\n<p>Resistance: 1.3465 (R1), 1.3570 (R2), 1.3685 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1449\" height=\"355\" src=\"\/wp-content\/uploads\/2023\/01\/image-126.png\" alt=\"\" class=\"wp-image-54313\" title=\"benchmark-31-1-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1058\" height=\"600\" src=\"\/wp-content\/uploads\/2023\/01\/image-128.png\" alt=\"\" class=\"wp-image-54315\" title=\"table-31-1-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1056\" height=\"821\" src=\"\/wp-content\/uploads\/2023\/01\/image-127.png\" alt=\"\" class=\"wp-image-54314\" title=\"morning-releases-31-1-2023\"\/><\/figure>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>The USD edged a bit higher yesterday against its counterparts as the market has started to be more cautious ahead<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-54310","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Forex blog - IronFX\u2122 | Market gets more cautious, USD supported<\/title>\n<meta name=\"description\" content=\"The USD edged a bit higher yesterday against its counterparts as the market has started to be more cautious ahead of the announcement\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/ph\/wp-json\/wp\/v2\/posts\/54310\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market gets more cautious, USD supported\" \/>\n<meta property=\"og:description\" content=\"The USD edged a bit higher yesterday against its counterparts as the market has started to be more cautious ahead of the announcement\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-id.com\/ph\/market-gets-more-cautious-usd-supported\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-31T07:46:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-16T12:07:37+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/market-gets-more-cautious-usd-supported\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/market-gets-more-cautious-usd-supported\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"Market gets more cautious, USD supported\",\"datePublished\":\"2023-01-31T07:46:17+00:00\",\"dateModified\":\"2025-10-16T12:07:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/market-gets-more-cautious-usd-supported\\\/\"},\"wordCount\":766,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/#organization\"},\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"tl\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/market-gets-more-cautious-usd-supported\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/market-gets-more-cautious-usd-supported\\\/\",\"name\":\"Forex blog - IronFX\u2122 | Market gets more cautious, USD supported\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/#website\"},\"datePublished\":\"2023-01-31T07:46:17+00:00\",\"dateModified\":\"2025-10-16T12:07:37+00:00\",\"description\":\"The USD edged a bit higher yesterday against its counterparts as the market has started to be more cautious ahead of the announcement\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/market-gets-more-cautious-usd-supported\\\/#breadcrumb\"},\"inLanguage\":\"tl\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/market-gets-more-cautious-usd-supported\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/market-gets-more-cautious-usd-supported\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Market gets more cautious, USD supported\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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