We are already concluding the first month of an already highly volatile 2026, and financial markets are trading all around. Between record highs in metals and geopolitical chaos, traders are seeing the formation of new trends and trades by the session. Discover some charts and currency pairs to keep in check through our monthly currency preview.
Five currency pairs to watch this upcoming month
2026 is already proving to be a fascinating year for markets.
The Trump Administration is moving further on its US-first policy: capturing dictators and issuing threats to allies, and volatility traders are loving it.
Financial flows at the start of this year are even more volatile than a year ago, particularly given the sharp moves in the US dollar.
The latest Greenland threat, combined with confusing expectations about who will be the next Federal Reserve Chair, has painted a pretty different picture for the greenback: The Dollar Index (DXY) is down by 3.50% since its mid-month extremes, and the rest of the currency market is watching these developments closely.1
Let’s dive right into some charts and currency pairs to watch for the upcoming month.
AUD/USD: Breaking September 2024 levels
Acting as a sharp contrast to the US dollar since the beginning of the year, the Aussie is outperforming all of its major peers.
An upbeat Australian economic performance, combined with elevated inflation levels, is contributing to heightened expectations for rate hikes from the Royal Bank of Australia.2
The next meeting for the RBA is coming up on February 3.
AUD/USD technical levels
AUD/USD daily chart, January 27, 2026 – Source: TradingView. Past performance is not indicative of future results.
AUD/USD Key resistance levels:
- December 2021 lows 0.70 major resistance
- 2023 highs from 0.71 to 0.7150 resistance
- June 2022 extremes 0.72 to 0.7230
AUD/USD Key support levels:
- 0.69 to 0.6945 main 2024 pivot
- October 2024 mini-support 0.6750 (+/- 100 pips)
- 0.66 to 0.6630 December support
EUR/CAD: Consolidating at 2008-2009 extremes
The minor currency pair rallied in high fashion throughout 2025.
After many fakeouts, led by unpredictable North American economic performance and US tariff hangovers, EUR/CAD is forming a range between 1.6150 to 1.6350.
With the current consolidation remaining solid since November, there are no signs of any impending breakout.
EUR/CAD technical levels
EUR/CAD daily chart, January 27, 2026 – Source: TradingView. Past performance is not indicative of future results.
EUR/CAD Key resistance levels:
- August 2025 highs 1.64697
- July 2009 highs around 1.6350
- 1.63365 January 2026 highs
EUR/CAD Key support levels:
- 1.62 mid-range pivot
- 1.6150 range support
- 1.6050 minor support before downside
GBP/JPY: Reversing at 2008 levels
Traditionally a gauge of risk appetite, GBP/JPY has significantly diverged as the yen experienced a sharp sell-off following Takaichi's nomination and fiscal fears in Japan.
Currently constrained within a channel, the price action is forming a reversal near the upper boundary, especially as rumors of imminent Japanese Ministry of Finance FX intervention circulate.3 The action stalling at the 210.00 level indicates immediate hesitancy.
GBP/JPY technical levels
GBP/JPY daily chart, January 27, 2026 – Source: TradingView. Past performance is not indicative of future results.
GBP/JPY Key resistance levels:
- 212.00 to 213.00 resistance (20-Day moving average 211.980)
- Friday and 16-year highs 214.834
- 2008 resistance from 214.80 to 216.00
GBP/JPY Key support levels:
- 209.50 to 210.50 May 2008 extremes current pivot and 50-day moving average
- Post-Takaichi election highs 205.00 – pivotal support
- Main psychological support 199.00 to 200.00
USD/CHF: Reaching 15-year lows
The Swiss Franc (CHF) has solidified its position as the premier safe-haven currency, drawing significant bids amidst recent geopolitical tension.
Despite the SNB maintaining a zero-rate policy4, it remains attractive as investors seek diversification from the JPY in carry trades.
The recent USD volatility drove the USD/CHF pair to 14-year lows, making upcoming reactions pivotal.
USD/CHF technical levels
USD/CHF daily chart, January 27, 2026 – Source: TradingView. Past performance is not indicative of future results.
USD/CHF Key resistance levels:
- Major pivot 0.7750 to 0.77750
- 2025 lows pivotal resistance 0.7830 to 0.7860
- 0.79 (+150 pips) 2025 main resistance
USD/CHF Key support levels:
- Pre-FOMC lows support 0.7600
- Pre-FOMC 0.76150
- 0.75 psychological support
EUR/NZD
While European currencies dominated 2025, the start of the new year signals a shift, with antipodean currencies gaining momentum.
The EUR/NZD pair is the perfect gauge for this change in market flow. Technically, it presents an intriguing setup following the break of the May 2025 upward channel and the subsequent formation of a head and shoulders pattern.
Reactions to the momentum pivot and its 200-period moving average will be essential for upcoming action.
EUR/NZD technical levels
EUR/NZD daily chart, January 27, 2026 – Source: TradingView. Past performance is not indicative of future results.
EUR/NZD Key resistance levels:
- 2.0070 to 2.02 key resistance (50-period moving average at 2.02365)
- 2.03 major psychological level
- November 2025 resistance – 2.0450 to 2.0680
EUR/NZD Key support levels:
- 1.97 to 1.9850 momentum pivot (200-period moving average at 1.9780)
- July 2025 support 1.94 to 1.95
- April 2025 consolidation 1.92 to 1.9350
This article is for general information purposes only, not to be considered a recommendation or financial advice. Past performance is not indicative of future results. It is not investment advice or a solution to buy or sell instruments.
Opinions are the authors; not necessarily those of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors.
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