Market Insights - January 3, 2024: Tech Stocks Slump, Forex Movements, and Key Intraday Analysis

MARKET WRAP: FOREX

The U.S. dollar rose with higher Treasury yields. The dollar index climbed to 102.22.

Forex movements:

• EUR/USD fell 103 pips to 1.0941.

• USD/JPY gained 109 pips to 141.96.

• GBP/USD dropped 104 pips to 1.2619.

• AUD/USD slid 50 pips to 0.6761.

• USD/CHF rose 89 pips to 0.8501.

• USD/CAD increased 86 pips to 1.3322.

Bitcoin reached $45,925, then retreated back to $45,000.

MARKET ANALYSIS: INTRADAY VIEWS

GBP/USD Intraday:

• Key resistance at 1.2665.

• Preference: Short positions below 1.2665 with targets at 1.2610 & 1.2590.

• Alternative scenario: Above 1.2665, look for further upside with 1.2700 & 1.2730 as targets.

• Comment: Risk of a break below 1.2610 remains high without surpassing 1.2665 resistance.

USD/JPY Intraday:

• Bullish bias above 141.65.

• Preference: Long positions above 141.65 with targets at 142.25 & 142.60.

• Alternative scenario: Below 141.65, look for further downside with 141.30 & 141.00 as targets.

• Comment: Consolidation possible, but its extent should be limited.

EUR/USD Intraday:

• Key resistance at 1.0980.

• Preference: Short positions below 1.0980 with targets at 1.0930 & 1.0910.

• Alternative scenario: Above 1.0980, look for further upside with 1.1010 & 1.1035 as targets.

• Comment: Risk of break below 1.0930 remains high without surpassing 1.0980 resistance.

Dow Jones (CME) Intraday:

• Key resistance at 38110.00.

• Preference: Short positions below 38110.00 with targets at 37850.00 & 37760.00.

• Alternative scenario: Above 38110.00, look for further upside with 38200.00 & 38300.00 as targets.

• Comment: Risk of break below 37850.00 remains high without surpassing 38110.00 resistance.