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Crude oil has strongly declined after the commodity monitored the $50 level. Key support is given at 45.40 (17/08/2017 high). Strong resistance can be found at 50.43 (31/07/2017). Expected to show further monitoring of the 50- level short-term bearish move.

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. Strong support lies at 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).

Silver has failed to reach strong resistance at 18.65 (17/04/2017 high) while support can be found at 16.58 (15/08/2017 high). The commodity lies in an uptrend channel. Expected to show another leg higher.

In the long-term, the trend is rater negative. Further downsides are very likely. Resistance is located at 25.11 (28/08/2013 high). Strong support can be found at 11.75 (20/04/2009).

Gold is trading lower within uptrend channel. Hourly support is given at a distance 1319 (intradayy low). Hourly resistance is located at 1357 (08/09/2016). Stronger support lies at 1204 (10/07/2017 high). Expected to show continued increase within uptrend channel.

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low)

Bitcoin is taking a dive after strong interest over the summer. Strong support lies at 3599 (22/08/2017 low). Key resistance can be located at 4921 (01/09/2017 high). Technical picture remains nonetheless bullish as long as key support hold.

In the long-term, the digital currency has had an exponential growth. There are decent likelihood that the asset will reach $10'000.

EUR/CHF's buying pressures are going up and the pair has broken resistance area between 1.1356 and 1.1472. Further medium-term sideways moves are favoured.

In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, the ECB's QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).

EUR/GBP is trading lower. However, as long as prices remain below the resistance at 0.9176 (declining trendline), the short-term technical structure is biased to the downside. Hourly support is given at 0.8982 (12/09/2017). Resistance lies at 0.9306 (29/07/2017 high).

In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading above from its 200 DMA. Strong resistance can be found at 0.9500 (psychological level)

SNB increases its inflation forecasts for 2018

That was not surprising. The SNB did not change its monetary policy this morning. Rates will remain negative at -0.75% and the target range for the 3-month Libor is unchanged at between -1.25% and -0.25%.

Over the summer the Swiss franc weakened against the single currency. Yet, for the time being the CHF remains significantly overvalued even though current levels are the lowest levels in the last two years. The central bank declared in its press release that it will remain active in the FX market.

On top of that markets have now strong expectations towards the ECB regarding the future of the monetary policy. There are definitely strong room for further EURCHF downside risks within the short-term. Indeed, the never-ending Greek issue will soon be back on the table and the Catalonian referendum is weighing on the European cohesion. As a result, we believe that actual EURCHF levels are temporary and are fully reflecting the actual weakness in the Eurozone.

Regarding the Swiss economy, it is still largely resilient despite strong CHF. Recently growth printed lower than expectations for Q2. Annualized inflation is at 0.5% for August and the SNB has revised upwards its forecasts. Unemployment rate remains stable and the SNB is optimistic “The situation on the labour market is gradually improving”.

Cautious needed ahead of BoE rate decision

It has been on a bumpy road since the beginning of the week as investors reacted to various events ranging from the latest progress made on the Brexit bill, accelerating inflation pressure to stalling wage growth. The pound sterling hit 1.3329 on Wednesday up more than 1% since Friday’s close. Nevertheless, the cable quickly reversed gains to return at around 1.32 as traders scale back their bullish GBP bet ahead of today BoE meeting.

The Bank of England is facing a difficult situation where it is facing an acceleration of inflation pressures together with the prospect of a slowdown of the economy, which could be significant should the negotiations with the European Union be harsh. Against the backdrop a potential significant slowdown, the BoE will have no choice but to tolerate temporarily an overshooting of its inflation target in order to avoid suffocating the economy.

As the monetary institution won’t update its inflation and growth forecast this time (one has to wait the November meeting), the question is rather how many MPs will switch sides and join the hawks. GBP/USD is trading sideways ahead of the interest rate decision. Given the sharp appreciation of the pound over the last few days, we think that the risk is skewed to the downside with a possible retracement towards the $1.30 level.

AUD/USD is consolidating lower after the pair surged towards 0.8125 (08/09/2017 high). Hourly support below 0.7950 (former uptrend channel). Expected to further weaken.

In the long-term, the trend is largely negative since 2011. Key supports stands at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view.

USD/CAD is consolidating. Hourly support is located at 1.2062 (08/09/2017 low). Resistance is now given at a distance at 1.2778 (15/08/2017 low). Expected to show continued short-term bullish pressures.

In the longer term, the pair has broken longterm support that can be found at 1.2461 (16/03/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head further lower.

USD/CHF keeps on bouncing. Strong resistance is given at 0.9771 (15/06/2017 high). The technical structure shows that the the pair is likely to head further lower below 0.9421 (03/05/2017). Expected to show renewed bearish pressures.

In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support can be found 0.8986 (30/01/2015 low). The technical structure favours nonetheless a long term bullish bias since the unpeg in January 2015.