#MarketNews

Hello, dear traders! Today is Wednesday, January 24, 2024. Let's go deeper into today's market overview:

• Coinbase is rolling out an "Embedded Wallet" feature, allowing developers to build non-custodial crypto wallets with its Wallet as a Service tech.

• Tesla opened a new tab and has told suppliers it wants to start production of a new mass-market electric vehicle codenamed "Redwood" in mid-2025.

• Tensions between the European Union and China are escalating towards a potential trade war, with the possibility of an imminent shift to overt trade conflict. Senior officials in Brussels have acknowledged this scenario.

• In 2023, Italy set a new record for solar and wind energy production, doubling its capacity from renewable sources.

• Alibaba shares in Hong Kong surged following news that Jack Ma recently purchased over $200 million worth of the company's stock.

• Netflix shares rose 1.33% in after-hours trading on Tuesday following the company's announcement of gaining 13.1 million subscribers in the fourth quarter, surpassing Wall Street expectations.

• OPEC's mission to stabilize oil prices is becoming increasingly challenging this year as oil supplies from the US and non-OPEC+ countries rise more than expected, leading to a potential market surplus.

• Wall Street analysts anticipate that U.S. companies will easily exceed fourth-quarter earnings expectations this reporting season, given the initially low benchmark set before this period.

• Bitcoin (BTCUSD) dropped below $39,000, failing to meet the expectations of a swift rise after the SEC decision. Over the past two weeks, the cryptocurrency has depreciated by 16%.

#TradeIdea

XAGUSD Alert!

On the H4, silver has formed a falling wedge during the downward movement, and the price has now broken through the 22.600 resistance.

USDCHF is bearish!

The price is breaking below the 0.8650 support threshold after forming a rising wedge, heralding a transition to bearish momentum. Expectations are growing for a further decline towards the support level of 0.8600.

Trade: Sell USDCHF on a confirmed breakout below 0.8650;
Targets: 0.8600, 0.8560.