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Daily Pivots: (S1) 0.9899; (P) 0.9925; (R1) 0.9942; More...

Intraday bias in USD/CHF remains neutral as it's bounded in range above 0.9900 temporary low. For now, with 0.9957 minor resistance intact, further decline is mildly in favor. Below 0.9900 will target 0.9856 support. Break there will pave the way to key support level at 0.9787. On the upside, above 0.9957 minor resistance will turn bias back to the upside for retesting 1.0067.

In the bigger picture, as long as 0.9787 support holds, we're still favoring the bullish case. That is, rise fro 0.9787 is resuming the whole up trend from 0.9186 and should target 1.0342 key resistance on resumption. However, break of 0.9787 will indicate medium term reversal and turn outlook bearish.

Daily Pivots: (S1) 110.63; (P) 111.01; (R1) 111.35; More...

Break of 110.74 temporary low indicates correction from 113.17 has resumed. Intraday bias is back to the downside for 38.2% retracement of 104.62 to 113.17 at 109.90. Strong support should be seen from 109.90 to contain downside and bring rebound. On the upside, break of 111.53 minor resistance will turn bias to the upside for retesting 113.17 high first.

In the bigger picture, corrective fall from 118.65 (2016 high) should have completed with three waves down to 104.62. Decisive break of 114.73 resistance will likely resume whole rally from 98.97 (2016 low) to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is reasonably close to 125.85 (2015 high). This will stay as the preferred case as long as 109.36 support holds.

The British pound has continued to make progress higher against the greenback on Thursday, following a broad-based selloff in the U.S. Dollar Index. Sterling retains a strong intraday bullish bias while trading above the 1.3177 technical level. Buyers will look for further upside towards the 1.3245 and 1.3300 levels, while sellers will look to push the price back below the 1.3177 level.

The GBPUSD pair is strongly bullish while trading above the 1.3155 level, key resistance is found at the 1.3205 and 1.3235 levels.

If the GBPUSD pair falls below the 1.3100 level, key support is found at the 1.3080 and 1.3050 levels.

Daily Pivots: (S1) 0.7408; (P) 0.7437; (R1) 0.7482; More...

AUD?USD is staying in range of 0.7309/7483 and intraday bias remains neutral. Consolidation from 0.7309 could extend further. And break of 0.7483 will bring stronger rebound. But in that case, upside should be limited below 0.7676 resistance to bring larger fall resumption. On the downside, break of 0.7309 and sustained trading below 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will extend the fall from 0.8135 to 0.7158 support next.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

The euro currency trades higher against the US dollar on Thursday, following a positive outcome from US President Donald Trump’s meeting with EU trade negotiator Jean-Claude-Juncker. The EURUSD pair now trades with a bullish intraday bias while price continues to hold above the 1.1724 technical level. Buyers will now attempt to move the EURUSD pair towards the 1.1800 resistance level, while sellers will look to gain control of the EURUSD pair below the 1.1680 level.

The EURUSD pair is only intraday bullish while trading above the 1.1724 level, key resistance is currently found at the 1.1750 and 1.1790 levels.

If the EURUSD pair trades below the 1.1680 level, sellers will likely target the 1.1650 and 1.1630 support levels.

A combination of monetary policy and economic data will dominate the currency markets on Thursday as the European Central Bank gets set to deliver its latest interest rate verdict. In the United States, a high-profile gauge of factory output will be released early in the North American session, giving traders the latest measure of health for the world's largest economy.

Action begins at 06:00 GMT with a report on German consumer confidence courtesy of GfK. The consumer confidence index for August is projected to hold steady at 10.7, according to a median estimate of economists.

Reports on French consumer confidence, Spanish unemployment, and Italian business sentiment will be released between 06:45 GMT and 08:00 GMT. None of the reports are expected to have a major impact on currency prices.

The ECB rate decision will be delivered at 11:45 GMT. Although ECB officials are not expected to raise interest rates, they may provide further insight into the evolution of monetary policy over the next 12 months. At the last policy meeting, the ECB said interest rates would remain on hold for the rest of the year, but that quantitative easing would come to an end in December. Currently, the benchmark interest rate sits at zero and the deposit rate is at -0.4%.

Shifting gears to North America, the US Department of Commerce will report on durable goods orders at 12:30 GMT. Orders for manufactured goods meant to last three years or more likely rose 3% in June after falling 0.6% the previous month. Excluding the volatile transportation category, durable goods sales likely rose 0.5%.

Commerce will also report on the June goods trade balance at 12:30 GMT. Washington's deficit with the rest of the world is forecast to widen to $67 billion from $64.85 billion in May.

Separately, the Labor Department will issue its weekly jobless claims report at 12:30 GMT. The number of Americans filing for first-time unemployment benefits likely rose by 8,000 last week to a seasonally adjusted 215,000.

EUR/USD

Europe's common currency is holding a narrow range ahead of the ECB rate statement. EUR/USD put up firm gains on Wednesday as the dollar continued to retreat. The pair now trades at 1.1731, with economic data and monetary policy to provide further guidance.

GBP/USD

Cable has also steadied after posting strong gains during the previous session. GBP/USD is currently trading at 1.3200, having gained roughly 180 pips since Friday. The pair faces immediate resistance at 1.3240.

USD/JPY

The dollar's momentum loss was also observed against the Japanese yen on Wednesday, with the USD/JPY exchange rate falling below 111.00. The pair, which currently trades at 110.81, is keeping close tabs on the Bank of Japan's upcoming policy meeting next week.

Pivot (invalidation): 68.75

Our preference Long positions above 68.75 with targets at 69.70 & 70.15 in extension.

Alternative scenario Below 68.75 look for further downside with 68.35 & 67.95 as targets.

Comment The RSI lacks downward momentum.

Pivot (invalidation): 15.5000

Our preference Long positions above 15.5000 with targets at 15.7200 & 15.7800 in extension.

Alternative scenario Below 15.5000 look for further downside with 15.4200 & 15.3000 as targets.

Comment The RSI is supported by a rising trend line.

Pivot (invalidation): 1227.50

Our preference Long positions above 1227.50 with targets at 1235.00 & 1240.00 in extension.

Alternative scenario Below 1227.50 look for further downside with 1223.00 & 1218.25 as targets.

Comment The RSI is mixed to bullish.

Pivot (invalidation): 0.7425

Our preference Long positions above 0.7425 with targets at 0.7465 & 0.7480 in extension.

Alternative scenario Below 0.7425 look for further downside with 0.7405 & 0.7385 as targets.

Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.