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The US Dollar was trading slightly above a support cluster formed by the weekly PP and the 200-hour SMA at 113.40 on Wednesday morning. Nevertheless, fundamentals put strong downward pressure on the pair mid-session that resulted in the Greenback plunging as low as 113.00. The rate has not since recovered, despite various attempts to edge above the 113.30 mark. Thus, the Greenback has remained below the weekly PP since the massive fall and may fail to overcome it once again. It is therefore likely that the rate persists within the bounds of this level and the weekly S1 at 112.64 in case no solid upside risks manage to prevail in this session.

On Wednesday morning, GBP/USD plunged and subsequently surged in response to fundamentals. It was pushed through the 55-hour SMA and the monthly PP circa 1.2880. The 100-hour SMA managed to halt the pair for some hours; however, this level was likewise conquered in the evening. The Sterling surged once again on Thursday morning, pushing through the 200-hour SMA and the weekly PP and thus breaching the channel. Technical indicators remain bullish; however, oscillators signal that the pair may soon be overbought, thus pressuring traders to sell the Pound. Thus, it is expected that the rate fails to sustain the current upward momentum and returns in the 1.2900/20 area by Friday morning.

The forecast of a surge of the Euro against the US Dollar has not fulfilled itself, as the currency exchange rate traded even below the 1.14 mark on Thursday morning. The main reason for the initial decline and passing of the support levels during the second half of Wednesday’s trading session was the testimony given by the chairwoman of the Federal Reserve Janet Yellen. The testimony signalled that there are more than one changes in US monetary policy upcoming, which will strengthen the US Dollar. Due to that reason the currency pair traded below the 1.14 mark. It was facing a strong support cluster, as the levels just below the 1.14 are full of various supports. These support levels are highly likely going to force the pair into a continuation of the surge.

Following reports from OPEC that supply shall exceed demand in the oncoming year or so, we have a consolidating Crude Oil price around USD44-45/bbl. BoC have increased their rate overnight following signs of inflation. Given this, the USD/CAD could be further sold on on rallies. My previous analysis showed a drop in the pair and I expect this to continue. At this point the pair is just above W H5, and above D L3. According to my CAMMACD method, we could see another drop below D L3. The drop could happen with or without retracement. If we see a retracement, pay attention to POC 1.2790-1.2810 (50.0, W L4, D H3, ATR pivot) where the price could reject. A move below 1.2675 suggests bearish continuation towards 1.2606 all the way down to 1.2485.

Daily Pivots: (S1) 145.24; (P) 145.82; (R1) 146.40; More

Intraday bias in GBP/USD stays mildly on the downside as fall from 147.76 would extend to 55 day EMA (now at 143.48). Break there will target 135.58 key support level again. On the upside, though, decisive break of 148.09/42 will pave the way to long term fibonacci level at 150.43.

In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we'd be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.

Daily Pivots: (S1) 128.56; (P) 129.61; (R1) 130.19; More...

Intraday bias in EUR/JPY remains neutral for consolidation below 130.76 temporary top. Near term outlook remains bullish as long as 127.99 support holds. Above 130.76 will target 100% projection of 114.84 to 125.80 from 122.39 at 133.35 next. However, considering bearish divergence condition in 4 hour MACD, break of 127.99 will bring deeper pull back 55 day EMA (now at 125.13).

In the bigger picture, the break of 126.09 support turned resistance should have confirmed completion of down trend form 149.76 (2014 high), at 109.03 (2016 low). Current rise from 109.03 would now target 61.8% retracement of 149.76 to 109.03 at 134.20 and above. Medium term outlook will remain bullish as long as 122.39 support holds.

EUR/JPY Back below 130.00.

EUR/JPY is consolidating above 130 for the first time in a year and half. Hourly support can be found at 127.10 (30/06/2017). Next support is given at 122.56 (18/05/2017 low). Further upside is favored.

In the longer term, the technical structure validates a medium-term succession of lower highs and lower lows. As a result, the resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. Strong support at 94.12 (24/07/2012 low) looks nonetheless far away.

EUR/GBP Bearish consolidation.

EUR/GBP hgas failed to testi for the third time resistance area around 0.8900. Hourly support is given at 0.8719 (16/06/2017 low). Expected to show further buying pressures.

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.

EUR/CHF Profit-taking.

EUR/CHF is still trading above psychological level at 1.1000. Selling pressures will definitely be important at this point. Hourly support is located at a distance at 1.0922 (30/06/2017 low). Expected to inch higher.

In the longer term, the technical structure is mixed. Resistance can be found at 1.1200 (04/02/2015 high). 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).

GOLD Short-term bullish bounce.

Gold's is trading higher after the precious metal reached the $1200 level. Hourly support is now given at $1204 (10/07/2017 high). Hourly resistance can be found at 1229 (06/07/2017 high). Expected to show renewed bearish pressures in case the resistance level at 1229 holds.

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).

SILVER Short-squeeze.

Silver is bouncing higher from hourly support at 15.18 (10/07/2017 low). Key resistance is given at a distance at 17.75 (06/06/2017 high). The road seems wide open for further decline.

In the long-term, the death cross indicates that 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).

CRUDE OIL Sideways price action.

Crude oil is trading above $44. The volatility is declining. Hourly support is given at 43.65 (10/07/2017 low). Expected to show continued short-term bullish improvement.

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).

USD/CHF Sideways price action.

USD/CHF is trading mixed in a slight shortterm bullish trend. Hourly resistance can be found at 0.9696 (09/06/2017 high). Strong resistance is given at 1.0107 (10/04/2017 high). Hourly support is given at 0.9553 (30/06/2017 low).

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.

USD/CAD Collapsing.

USD/CAD has strongly declined. Support given at 1.2913 (04/07/2017 low) has been broken. Resistance is located at 1.3014 (02/15/2017). Expected to show continued bearish pressures.

In the longer term, the pair lies in a bullish channel since a year. Strong resistance is given at 1.4690 (22/01/2016 high). Long-term support can be found at 1.2461 (16/03/2015 low).

AUD/USD Strongly strengthening.

AUD/USD's technical structure is bullish since early May despite some consolidation move. The pair should further head back towards resistance at 0.7712 (30/06/2017 high). However, a break of support at 0.7520 (09/06/2017 low) would nonetheless indicate a renewed bearish trend.

In the long-term, we are waiting for further signs that the current downtrend is ending. Key supports stand 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.

EUR/USD Ready for another leg higher.

EUR/USD bearish pressures are definitely weak and the pair is still lying in a bullish momentum. Hourly resistance is given at broken resistance at 1.1489 (12/07/2017 high). Hourly support can be found at 1.1292 (28/06/2017 low). Stronger support lies at 1.1076 (18/05/2017 low).

In the longer term, the momentum is clearly negative. We favour a continued bearish bias towards parity. Key resistance holds at 1.1714 (24/08/2015 high) while strong support lies at 1.0341 (03/01/2017 low).

GBP/USD Surging.

GBP/USD is back below 1.3000. Strong resistance can be found at 1.3046 (18/05/2017 high). Expected to inch higher.

The long-term technical pattern is even more negative since the Brexit vote has paved the way for further decline. Long-term support given at 1.0520 (01/03/85) represents a decent target. Long-term resistance is given at 1.5018 (24/06/2015) and would indicate a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.

USD/JPY Profit-taking.

USD/JPY has exited symmetrical triangle. yet, ongoing move seems that profits are currently taken. Hourly support can be found at 112.83 (05/07/2017 low). Stronger support is located at 108.13 (17/04/2017 low). Expected to show renewed bullish pressures.

We favor a long-term bearish bias. Support is now given at 96.57 (10/08/2013 low). A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely. Expected to decline further support at 93.79 (13/06/2013 low).