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Daily Pivots: (S1) 1.3175; (P) 1.3230; (R1) 1.3262; More...

Intraday bias in GBP/USD remains neutral with focus on 1.3189 minor support. Break there will confirm completion of corrective rise from 1.3048. And, intraday bias will be turned back the downside for retesting 1.3048 low first. Break will resume larger fall from 1.4376 for 1.2874 fibonacci level next. In case of another rise through 1.3362, we'd expect strong resistance from 1.3471 to limit upside to finish the corrective rebound.

In the bigger picture, whole medium term rebound from 1.1936 (2016 low) should have completed at 1.4376 already, after rejection from 55 month EMA (now at 1.4179). Fall from 1.4376 should extend to 61.8% retracement of 1.1936 (2016 low) to 1.4376 at 1.2874 next. We'll pay attention to the reaction from there to asses the chance of long term down trend resumption. On the upside, sustained break of 38.2% retracement of 1.4376 to 1.3048 at 1.3555 is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 0.9921; (P) 0.9943; (R1) 0.9982; More...

Intraday bias in USD/CHF remains neutral as sideway trading continues inside range of 0.9855/9991. On the upside, break of 0.9991 will resume the rebound from 0.9787 for 1.0056 high. Decisive break there will resume whole rally from 0.9186 for 1.0342 key resistance level. On the downside, below 0.9855 will extend the corrective pattern from 1.0056 with another fall. But in that case, we'd expect strong support from 38.2% retracement of 0.9186 to 1.0056 at 0.9724 to bring rebound.

In the bigger picture, rise from 0.9186 is seen as a leg inside the long term range pattern. For now, further rise is expected as long as 38.2% retracement of 0.9186 to 1.0056 at 0.9724 holds. Above 1.0056 will target 1.0342 (2016 high). In that case, we'd be cautious on strong resistance from 1.0342 to limit upside. However, sustained break of 0.9724 will dampen this bullish view and would at least bring deeper fall to 61.8% retracement at 0.9518.

For the 24 hours to 23:00 GMT, the EUR declined 0.52% against the USD and closed at 1.1675.

The European Central Bank (ECB) President, Mario Draghi stated that the improvement in the euro-area inflation is on a self-sustained path and expressed confidence over the bank’s decision to withdraw its stimulus, despite rising global trade tensions. Additionally, Draghi stressed the requirement for a common deposit insurance mechanism across Eurozone retail banks in order to safeguard the financial system.

In the US, data indicated that the US producer price index (PPI) advanced 3.4% on a yearly basis in June, compared to a rise of 3.1% in the previous month. Market participants had envisaged the PPI to record a steady reading. Meanwhile, the MBA mortgage applications climbed 2.5% on a weekly basis in the week ended 06 July. In the prior week, mortgage applications had recorded a drop of 0.5%.

In the Asian session, at GMT0300, the pair is trading at 1.1674, with the EUR trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 1.1641, and a fall through could take it to the next support level of 1.1607. The pair is expected to find its first resistance at 1.1733, and a rise through could take it to the next resistance level of 1.1791.

Going ahead, investors would await the Euro-zone’s industrial production for May and Germany’s final consumer price index for June, set to release in a few hours. Later in the day, the US initial jobless claims followed by the consumer price index and average hourly earnings, both for June, will garner significant amount of investor attention.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the GBP declined 0.43% against the USD and closed at 1.3205.

In the Asian session, at GMT0300, the pair is trading at 1.3196, with the GBP trading 0.07% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3163, and a fall through could take it to the next support level of 1.3130. The pair is expected to find its first resistance at 1.3257, and a rise through could take it to the next resistance level of 1.3318.

Moving ahead, investors would focus on the Bank of England’s (BoE) credit conditions survey report, scheduled to release in a few hours.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.95% against the JPY and closed at 111.94.

In the Asian session, at GMT0300, the pair is trading at 112.26, with the USD trading 0.29% higher against the JPY from yesterday’s close.

The pair is expected to find support at 111.36, and a fall through could take it to the next support level of 110.46. The pair is expected to find its first resistance at 112.75, and a rise through could take it to the next resistance level of 113.24.

Looking forward, traders would keep an eye on Japan’s final industrial production for May, slated to release early morning tomorrow.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.34% against the CHF and closed at 0.9957.

In the Asian session, at GMT0300, the pair is trading at 0.9958, with the USD trading marginally higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9920, and a fall through could take it to the next support level of 0.9882. The pair is expected to find its first resistance at 0.9981, and a rise through could take it to the next resistance level of 1.0004.

With no macroeconomic releases in Switzerland today, investors would look forward to global macroeconomic factors for further direction.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.55% against the CAD and closed at 1.3211.

Yesterday, the Bank of Canada (BoC), at its July monetary policy meeting, raised its benchmark interest rate to 1.50% from 1.25%, amid rising inflation. Further, the central bank forecasted the economy to expand by 2.0% per year on average between 2018 and 2020.

In the Asian session, at GMT0300, the pair is trading at 1.3208, with the USD trading a tad lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3109, and a fall through could take it to the next support level of 1.3010. The pair is expected to find its first resistance at 1.3263, and a rise through could take it to the next resistance level of 1.3318.

Moving forward, investors would closely monitor Canada’s new housing price index for May, due to be released later in the day.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the AUD declined 0.83% against the USD and closed at 0.7365.

LME Copper prices declined 2.0% or $126.0/MT to $6182.0/MT. Aluminium prices declined 0.9% or $20.0/MT to $2120.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7374, with the AUD trading 0.12% higher against the USD from yesterday's close.

Overnight data indicated that Australia's consumer inflation expectations eased to 3.9% in July, after registering a rise of 4.2% in the preceding month.

The pair is expected to find support at 0.7347, and a fall through could take it to the next support level of 0.7320. The pair is expected to find its first resistance at 0.7415, and a rise through could take it to the next resistance level of 0.7456.

In absence of key economic releases in Australia today, investor sentiment would be determined by global macroeconomic events.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Gold declined 1.07% against the USD and closed at USD1243.00 per ounce, as the US dollar strengthened, amid escalating trade war tensions between the US and China.

In the Asian session, at GMT0300, the pair is trading at 1243.20, with gold trading slightly higher against the USD from yesterday’s close.

The pair is expected to find support at 1238.47, and a fall through could take it to the next support level of 1233.73. The pair is expected to find its first resistance at 1250.87, and a rise through could take it to the next resistance level of 1258.53.

The yellow metal is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Silver declined 1.49% against the USD and closed at USD15.83 per ounce, tracking losses in gold prices.

In the Asian session, at GMT0300, the pair is trading at 15.83, with silver trading flat against the USD from yesterday’s close.

The pair is expected to find support at 15.72, and a fall through could take it to the next support level of 15.62. The pair is expected to find its first resistance at 15.99, and a rise through could take it to the next resistance level of 16.16.

The white metal is trading below its 20 Hr and 50 Hr moving averages.