Last Updated on 02/11/2026
USD/MXN
The U.S. dollar strengthened against the Mexican peso for most of the week, despite an initial decline. The 18.50 level is now acting as support, reinforced by the 200-week EMA. Meanwhile, the 19.00 psychological threshold remains a significant resistance zone, having influenced price movements on several previous occasions.
Despite the dollar’s recent strength, Mexico’s interest rate advantage remains intact. This makes further upside potentially challenging for USD/MXN. The focus will be on identifying signs of buying exhaustion, although persistent market uncertainty suggests that a stronger appetite for risk may be necessary before considering short positions.
USD/JPY
USD/JPY experienced considerable volatility throughout the week as both the Federal Reserve and Bank of Japan maintained their respective interest rates. The 156.50 level remains an important support area, while 159.00 represents key resistance. A decisive break below 156.50 could trigger additional selling pressure.
From a broader structural perspective, the U.S. dollar remains preferable to the Japanese yen. However, the pair may continue consolidating within its current range as markets assess the next directional catalyst.
USD/CAD
USD/CAD initially opened the week with an upward gap, but subsequently reversed lower after the Bank of Canada raised interest rates and expressed concerns about persistent inflation. The pair is now consolidating around 1.3950, which coincides with the 61.8% Fibonacci retracement of its latest upward move.
Nevertheless, the broader fundamental outlook has not necessarily shifted. Instead, traders are increasingly considering the possibility of further monetary tightening by the Bank of Canada. Attention now turns to upcoming U.S. inflation data and whether the Federal Reserve will maintain its restrictive policy stance. A potential rebound will be worth monitoring ahead of Friday’s employment figures.
NASDAQ 100
The Nasdaq 100 remains under pressure after failing to sustain its attempt to break above the 30,000 psychological level, subsequently reversing lower. However, the index has largely traded sideways for nearly six months, indicating that the broader market structure remains range-bound.
The inability to establish a sustained breakout highlights continued investor hesitation. Concerns surrounding a potential artificial intelligence bubble are also weighing on sentiment. Although market movements remain volatile and directionless, the current environment does not yet provide a convincing case for bearish positioning. Buyers could potentially return as the market finds stronger support.
Silver
Silver experienced a significant breakdown during the week, falling below the $50 threshold and raising the possibility of further downside. Under the current conditions, buying opportunities appear limited, while short-term rebounds showing signs of exhaustion could provide potential opportunities for bearish positions.
The $55 level represents an important resistance barrier. A sustained move above this threshold would indicate a meaningful improvement in market momentum. For now, however, silver appears to be undergoing a broader correction as higher real yields increase the attractiveness of yield-bearing assets.
Gold
Gold has also come under substantial selling pressure, moving rapidly toward the $3,900 support zone. This level could attract buyers and potentially trigger a temporary recovery. However, a decisive breakdown below $3,900 would expose the market to further losses, with $3,500 emerging as a possible downside target.
EUR/USD
EUR/USD initially attempted to advance following an upward opening gap but quickly reversed, extending its decline. Both the Federal Reserve and European Central Bank maintained their interest rates, yet the euro continues to face additional challenges from persistent concerns over potential energy supply disruptions across Europe.
Combined with interest rate differentials that continue to favor the U.S. dollar, these factors maintain a bearish bias for EUR/USD. Selling opportunities on short-term rallies remain the preferred approach while the broader downside pressures persist.
AUD/USD
The Australian dollar attempted to break higher but subsequently lost momentum, returning to its previous consolidation range. The 0.6850 level continues to provide support, while 0.7250 remains the upper boundary of the broader trading range.
Despite the recent hesitation, pullbacks could eventually create attractive buying opportunities. Market participants will closely monitor the Reserve Bank of Australia’s upcoming policy meeting, particularly how policymakers respond to rising inflation pressures and whether further monetary tightening could be warranted.
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