No new for copper price by its fluctuating below $5.9700 barrier, which obstructs the chances of achieving any new gains, to increase the chances of activating the bearish corrective track again, therefore, we will keep waiting to decline towards the corrective stations that are located near $5.7500 reaching the initial support at $5.5800 level.

Note that the success in breaching the barrier and holding above it will reinforce the chances of resuming the main bullish attack, to expect reaching $6.1200 directly, then press on the resistance of the main bullish channel’s resistance at $6.2000.

The expected trading range for today is between $5.7500 and $5.9700

Trend forecast: Fluctuating within the bullish trend

Platinum price leaned in its last trading above %2.0 Fibonacci extension level at $2230.00, to form strong bullish rally this morning to surpass the barrier at $2320, recording some gains by hitting $2375.00 level.

Despite the continuation of the main indicators’ contradiction, the stability above $2320.00 will provide a chance for resume the bullish attempts, to expect targeting $2415.00, to repeat the pressure on the resistance at $2467.00.

The expected trading range for today is between $2265.00 and $2415.00

Trend forecast: Bullish

EUR/GBP Technical Analysis

The Euro looks as if it is trying to fight back against the pound, but it continues to fail. Every time it rallies, it seems to slump a bit, and I’m watching this 200-day EMA in this pair for potential support. If we were to break down below there, then we could open up the possibility of a move down to the 0.86 level.

The 0.86 level, of course, is an area that’s been important multiple times, and if we can break down below there, we really start to see the momentum pick up. I do prefer the pound over the Euro, no doubt about it, but at this point in time, I think we’re still trying to set the tone, whether or not we can actually break down. This is a market that features two central banks, one in Europe, which is sitting still, and the other in London, which, of course, has recently cut, but it’s going to be very slow, so the interest rate differential will continue to favor the British for quite some time.

For a look at all of today’s economic events, check out our economic calendar.

Created on January 12, 2026

• The British pound found itself struggling for strength during the trading session on Friday, and even though the United States released a weaker than anticipated jobs report on Friday, it ended up being a situation where the dollar strengthened anyways.
• That’s kind of interesting, and that tells me that the stubbornness of the US dollar may persist.
• Technically speaking, we have the 50-day EMA sitting at the 1.34 level, which is a large, round, psychologically significant figure and an area that I think will attract a lot of attention.

Key Technical Levels and Market Sentiment

If we were to break down below there, then we would have the possibility of a drop down to the 1.32 level. On the upside, we have the 1.35 area being more or less a magnet for price, and then the 1.3550 level being a major barrier.

In general, I think we are still very much in consolidation, but if we break down below the lows of the Friday session, then you start to see the British pound fall. I would also watch the US dollar against multiple other currencies as well, due to the fact that they do tend to move in the same direction with regard to the greenback.

What I find interesting about this, as I said previously, is that the US dollar strengthened despite the fact that the job numbers ended up being only 50,000 jobs added instead of the anticipated 65,000. This tells me that the 1.35 area might end up being a bit of a swing high. It certainly has the look of a market that could roll over here, so I’ll be watching this one very closely.

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Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

Created on January 12, 2026

The US dollar rallied nicely during the Friday session, despite the fact that the Non-Farm Payroll announcement was weaker than expected.

The US dollar rallied quite significantly during the trading session on Friday to test the crucial 158 yen level. The 158 yen level, of course, is an important area to pay close attention to, and if we can break above there, then I think it truly unleashes the US dollar to go much higher.

The Japanese yen has been struggling for a while, and with the interest rate differential favoring the US dollar the way it does, I do think we break out eventually. I have been buying dips in this pair for as long as I can remember and building a position. If we can break above the 158 yen level on a daily close, then it opens up the possibility to the 160 yen level.

Long-term Outlook and Interest Rate Differentials

Short-term pullbacks, I think, open up the possibility of value yet again with a floor in this market closer to the 154.50 yen level. The Bank of Japan is currently threatening to raise interest rates, but they just have far too much in the way of debt and plenty of other concerns about blowing up the entire carry trade to truly do so aggressively.

The Federal Reserve is likely to cut rates a couple of times during 2026, but it is a bit slower than anticipated, and of course, it is worth noting that inflation is a little sticky at this point, so pay close attention to that. I still like this pair. I get paid at the end of every day for holding it and have continued to do so for several months. Whether or not we can break above 160 yen remains to be seen because it was an area of intervention quite some time ago, so there might be some market memory there.

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Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.