SWITZERLAND DATA: Labour Market Remains On Solid Footing Ahead Of SNB

• RES 4: $34.903 - High Oct 23 and the bull trigger  
• RES 3: $33.125 - High Nov 1 
• RES 2: $32.338 - High Dec 12 and a key resistance  
• RES 1: $31.737 - High Jan 30                              
• PRICE: $31.479 @ 08:05 GMT Feb 4   
• SUP 1: $29.704/28.748 - Low Jan 27 / Low Dec 19 and bear trigger        
• SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
• SUP 3: $27.686 - Low Sep 6 
• SUP 4: $26.451 - Low Aug 8  

Silver continues to trade at its recent highs. A bear cycle that started on Oct 23 last year remains in play and recent gains are considered corrective. However, the latest move higher does suggest scope for a continuation near-term. An extension would expose key resistance at $32.338, the Dec 12 high. Clearance of this level would highlight a reversal. Support to watch is $29.704, the Jan 27 low, and $28.748, the Dec 19 low and the bear trigger.

• RES 4: 1.5000 Psychological round number 
• RES 3: 1.4948 High Mar 2003  
• RES 2: 1.4814 High Apr 2003
• RES 1: 1.4600/1.4793 Round number resistance / High Feb 3    
• PRICE: 1.4435 @ 08:03 GMT Feb 4  
• SUP 1: 1.4398 20-day EMA
• SUP 2: 1.4290 50-day EMA
• SUP 3: 1.4261 Low Jan 20 and a key support
• SUP 4: 1.4178 High Nov 6 ‘24

USDCAD traded sharply higher Monday, before reversing lower into the close. Despite the pullback, Monday’s gains reinforce and strengthen bullish conditions. The break higher has confirmed a resumption of the uptrend and sets the scene for a climb towards 1.4814 next, the Apr 2003 high. Moving average studies remain in a bull-mode position highlighting  a dominant uptrend. Initial firm support to watch is 1.4398, the 20-day EMA (pierced).

Gilt calls, 92.70/92.74 range.