The market is positioned within wave 1, signifying the beginning of a new upward cycle.

The crypto market has experienced its largest three-day sell-off in almost a year, shedding as much as $510 billion since August 2.

Gold price hovers below $2,450 after profit-booking but holds ground on multiple tailwinds. The Fed is expected to cut interest rates by more than 100 bps this year. The US Dollar falls near the March bottom, and bond yields post fresh annual lows.

USD/CHF extends its winning streak due to the dovish mood surrounding the Fed’s policy outlook. CME's FedWatch Tool suggests an increase in odds of a 50-basis point Fed rate cut to 74.5% in September.

It’s easy to see that the EUR/CHF pair is falling off of a cliff. We broke well below the 0.94 level during the trading session on Friday as traders are looking toward the safety currencies for a bit of a place to hide.

Oil prices came under further pressure on Friday following a weaker-than-expected US jobs report hitting most risk assets.

From a technical perspective, GBP/USD quickly rebounded after falling below 1.28 last week. The pair is now eyeing the 1.29 level as its next resistance.