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There was suspense in the air during Thursday's trading session ahead of the European Central Bank policy meeting.

Although markets widely expect the ECB to leave monetary policy unchanged in March, speculation remains elevated over the central bank dropping its “easing bias”. This move is likely to be interpreted as an early step towards policy normalization – ultimately supporting the Euro. While the ECB could continue expressing optimism over the Eurozone economy, concerns over low inflation and an unwelcome return of political risk in Europe have the ability to keep the central bank on standby.

Investors will direct their attention towards Mario Draghi's press conference later in the day for fresh insight on what could happen after September, when QE is expected to come to an end. With political risk in Europe weighing on sentiment and trade war fears lingering in the background, Draghi could end up disappointing markets today.

Focusing on the technical perspective, the EURUSD edged lower on Thursday, with prices trading around 1.2390 as of writing. Any signs of Draghi striking a cautious tone during his conference could weaken the Euro. A decisive breakout and daily close above the 1.2440 level could encourage an incline higher towards 1.2500. Alternatively, a failure for bulls to conquer 1.2440 could result in a decline lower towards 1.2300.

Dollar attempts to claw back losses

The Dollar edged higher against a basket of major currencies on Thursday, as investors attempted to look beyond the unexpected resignation of White House's chief economic advisor Gary Cohn -focusing on Friday's NFP instead. Bulls could be instilled with fresh inspiration to elevate the Greenback, if NFP and wage growth figures exceed market expectations. While speculation of higher US interest rates may push prices higher, anxiety over a potential trade war has the ability to limit upside gains. Dollar volatility is likely to become a dominant market theme, as investors continue to tussle with the conflicting fundamental themes driving the currency.

From a technical standpoint, the Dollar Index remains at threat of extending losses if bulls are unable to push prices back above 90.00.

Commodity spotlight – Gold

Gold edged slightly lower on Thursday, with prices trading towards $1324.50 as of writing.

It has certainly been a rollercoaster week for the yellow metal, as the combination of political uncertainty and US rate hike expectations attracted both buyers and sellers. Much attention will be directed towards Friday's NFP report, which could play arole in how Gold concludes this week. A strong US jobs report may encourage bears to drag prices below $1324. From a technical standpoint, sustained weakness below $1324 could invite a decline towards $1310 and $1300, respectively. Alternatively, if bulls can defend $1324 then $1340 is on the cards.

Crude oil upward trend is fading after reaching the 64 range. The pair exited the short-term upward trend channel, heading for hourly support at 59.72 (15/02/2018 low). Hourly resistance remains at 64.77 (11/01/2018 high). The technical structure suggests further shortterm decline.

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness is very likely. For the time being, the pair lies in an upside trend since June 2017. Support lies at 42.20 (16/11/2016) while resistance is located at 77.83 (20/11/2014). Crude oil is trading largely above its 200 DMA.

Silver coninues its descent, trading below 16.50 and approaching hourly support at 16.25 (01/12/2017 low). Hourly resistance at 16.98 (15/02/2018 high) remains. The short-term technical structure suggests further short-term decrease.

In the long-term, the trend remains negative/ sideways. Further downside is very likely. The pair is trading below its 200 DMA. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009).

Gold interrupted its rise, trading at the 1325 range and trading indistinctly. Gold is trading between hourly support and resistance at 1300 (29/12/2017 low) and 1348 (20/02/2018 high). Expected to show further sideway moves.

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1'392 (17/03/2014) is required to confirm it. A major support can be found at 1'045 (05/02/2010 low).

Bitcoin starts a recovery phase after decreasing below 10000. Expected to head higher along the 11000 range. Hourly support and resistance remain at 9022 (30/11/2017 low) and 12130 (18/01/2018 high). The technical structure suggests short-term upward moves.

In the long-term, the digital currency has had an exponential growth but also presented important downturns. There is decent likelihood that the currency could stabilize between 7'000 - 12'000 in 2018. Bitcoin is trading above its 200 DMA (7000 range).

EUR/CHF bullish momentum is maintained, the pair broke hourly resistance at 1.1685 ( 26/01/2018) while hourly support at 1.1471 is distanced (09/02/2018 low). New hourly resistance is given at 1.1731 (01/01/2018 high). The technical structure suggests further shortterm increase.

In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, the ECB's slowing QE program is likely to cause buying pressures on the euro, which should weigh in favour of the EUR/CHF. Support can be found at 1.0234 (20/04/2015 low).

EUR/GBP starts declining and approaching hourly support at 0.8883 (13/11/2017 low). Hourly resistance remains 0.8982 (28/11/2018 high). The short-term technical structure suggests further decrease.

In the long-term, the pair has largely recovered from 2015 lows. The technical structure suggests further upside pressure. Strong resistance can be found at 0.9500 (psychological level) while support remains at 0.8304 (05/12/2016 low). The pair is trading above its 200 DMA.

AUD/USD continues its decline and approaching the 0.7775 range. The pair is contained between hourly support and resistance at 0.7704 (24/12/2017 low) and 0.7879 (21/02/2018 high). Further support and resistance are given at 0.7638 (15/12/2018 low) and 0.7999 (17/01/2018 high). The technical structure suggests continued short-term downward moves.

In the long-term, the upward trend slows down after failing to reach key resistance at 0.8164 (14/05/2015 low). Key support stands at 0.6009 (31/10/2008 low). A break of the key resistance at 0.8164 (14/05/2015 high) is needed to invalidate our long-term bearish view.

USD/CAD buying pressures are decreasing, approaching hourly support at 1.2668 (26/02/2018 low). Hourly resistance remains at resistance at 1.3015 (05/07/2018 high). The technical structure suggests short-term decrease.

In the longer term, the pair is trading between resistance point at 1.3805 (05/05/2017 high) and support at 1.2128 (18/06/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head lower. The pairs is trading above its 200 DMA.

USD/CHF starts back a recovery phase, approaching the 0.95 range following recent sideway trading moves. The pair currently trades between hourly support and resistance at 0.9296 (05/02/2018 low) and 0.9520 (24/01/2018 high). Expected to show further short-term rise.

In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support lies at 0.9072 (07/05/2015 low) while resistance at 1.0344 (15/12/2016 high) is distanced. The technical structure favours a long term bullish bias since the unpeg in January 2015.