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Bitcoin has pulled back after impressive recovery bounce. The technical structure shows a tremendous positive short-term momentum. Hourly support is located at 5605 (13/11/2017 low). Strong support stands very far at 2975 (22/08/2017 low). In the short-term, the digital currency should continue rising.

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 has broken key resistance at 1.1711. Support is given at 1.1610 (27/10/2017 low). Expected a period of consolidation before extension of current bullish strength.

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 was rejected a rising trendline.). Hourly support is given at a distance at 0.8733 (01/11/2017 low). Next resistance is located at 0.9014 (27/10/2017 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).

AUD/USD is ready to go even lower showing that downside pressures are still lively. Hourly resistance is given at a distance at 0.7897 (13/10/2017 high). Expected to show renewed pressures towards key support at 0.7535 (22/06/2017 low).

In the long-term, the trend is turning positive. Key supports 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 has failed to clear resistance indicating downside risk. Resistance stands at 1.2820 (07/11/2017 high). Hourly support lies at 1.2667 (10/11/2017 low). Expected to show continued upside 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 declining trendline has halted progress. The technical structure indicates further downside risks. The pair has failed to hold consistently above the parity. If the pair heads towards 0.98, there might be even more downside pressures. The road would be wideopen for further decline.

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/JPY has broken short-term uptrend channel. Hourly support given at 113.09 (09/10/2017 low) has been broken. Stronger support is located at a distance at 111.12 (20/09/2017 low). Expected to show further decline.

We favor a long-term bearish bias. Support is now given at 99.02 (10/08/2013 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 93.79 (13/06/2013 low).

GBP/USD has broken 1.3224 resistance indicate an extension of bullish momentum. Support is given at 1.3027 (06/10/2017 low).

The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline. Long-term support can be found at 1.1841 (07/10/2017 low). Long-term resistance given around 1.35 is at stake and indicates a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.

EUR/USD si bouncing higher. Hourly resistance is located at 1.1878 (12/10/2017 high). T Hourly support is given at a distance at 1.1554 (07/11/2017 low). Expected to show continued short-term consolidation before heading higher towards resistance at 1.1878 ( 12/10/2017 high).

In the longer term, the momentum is now turning largely positive. We favour a continued bullish bias. Key resistance is holding at 1.2252 (25/12/2014 high) while strong support lies at 1.0341 (03/01/2017 low).

House passes largest tax system overhall

The House of Representatives passed a bill for the largest overhaul of the US tax system in 31 years. The text provides for reducing the corporate tax to its lowest level since 1939 and to reduce the personal tax in 2018. It repeals the 'alternative minimum tax', a flat tax, increases the tax credit for dependent child, establishes the abolition of the estate tax by 2025 and modifies the tax regime applied to multinationals. The bill if made into law would increase taxes for some people because of the removal of deductions for regional taxes, medical expenses and student loan interest. Overall, the bill would reduce federal taxes by $ 14 trillion over the next decade. Currently, futures on federal funds indicated a 100% probability of a 25bp hike in central bank rates at its meeting in December

Euro might finally tighten

Rising growth, increasing inflation and lower unemployment are building a groundswell for the European Central Bank to tighten the euro. Last month the ECB said it will cut quantitative easing from €60 billion per month to €30 billion, beginning in January, and wind down to nil by September 2018. While the Bank's President Mario Draghi says the end of bond-buying does not foretell imminent policy tightening: we don't believe him.

Signals published this week are bullish for the Eurozone. Purchasing-manager-indices have accelerated since mid-2016. The European Union's Autumn Economic Forecasts say the economy will grow 2.2% in 2017 and 2.1% in 2018, adding that it is 'on track to grow at its fastest pace in a decade this year.' Falling unemployment has fuelled a privately-led consumption recovery. Years of austerity has created pent up domestic demand, which now is unwinding. Headline inflation in the Eurozone fell marginally in October from 1.5% to 1.4%. Yet core inflation came in higher than expected, rising to 1.1% from 0.9%.

Soft oil will weigh on Canadian dollar

I remain bearish on commodities: improving demand will not yet cover a supply glut. Oil is in a loop where higher prices trigger higher production that sends prices swiftly lower. CAD economic outlook remains highly influenced by oil prices – as they decline, USD/CAD has room to appreciate. Especially considering that USA T-bill 2-yr yields are elevated at 1.708% with limited expectations of inflationary spill-over. Soft oil, higher US yields and leveraged funds trimming long CAD position will pressure USD/CAD back to 1.30 resistance.

Commodities outperformed in the last quarter with metals up 10% and energy up 12%, driven by demand, weather and OPEC supply limits. In 2018 oversupply and slow demand growth will curtail any significant jump in prices. OPEC is likely to make supply cuts at the end of November, but this will have only a marginal effect. Last week, U.S. Energy Information Administration reported that crude inventories rose by 1.9 million barrels in the week ended 10 November, well above expectations of 1.4 million. US shale producers have increased output, buoying domestic production to a record weekly high of 9.645 million. This renews speculation of a supply glut.