CZECHIA: CNB Keeps CCyB Rate On Hold, MPs To Approve Labour Code Amendments

• While most of the calls for Cash Equities were on the downside and into negative territory, Banking index should again be watched, this is one of the most interesting chart at the start of 2025, SX7E is now breaking through 163.66, was not only last Week's high but its highest level since July 2011.
• Next upside is now seen at 166.10, the July 2011 high.

• RES 4: $34.903 - High Oct 23 and the bull trigger  
• RES 3: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg
• RES 2: $33.000 - Round number resistance   
• RES 1: $32.552 - 61.8% of the Oct 23 - Dec 19 ‘24 bear leg                                 
• PRICE: $32.361 @ 08:15 GMT Feb 5   
• SUP 1: $30.651 - 50-day EMA        
• SUP 2: $29.704 - Low Jan 27 
• SUP 3: $28.748 - Low Dec 19 and bear trigger
• SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 

Silver is trading higher this week. Key resistance at $32.338, the Dec 12 high, has been pierced. Clearance of this level would highlight a stronger reversal. This would cancel a recent bearish theme and open $32.552, a Fibonacci retracement. Clearance of this level would expose the $33.00 handle. On the downside, initial firm support lies at $30.651, the 50-day EMA and a pivot level. A clear break of the EMA would reinstate the recent bearish theme.

• MNI: SPAIN JAN SRVCS PMI 54.9 (FCAST 56.8); DEC 57.3