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Crude oil has surged and set up a new resistance at 57.58 (07/11/2017 high). The commodity is trading at 1-year high. Expected to show further shot-term bearish consolidation below $60. Indeed the technical structure has a history of decent consolidation phase.

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

Silver is heading higher. Hourly support can be found at 16.60 (27/10/2017 low). Hourly resistance is given at 17.46 (13/10/2017 high). Additional support can be found at 16.13 (06/10/2017 low).

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 pushing higher. The technical structure confirms the end of the consolidation phase. Support lies at a distance at 1251 (08/08/2017 high). Resistance is now located at 1288 (20/10/2017).

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 now consolidating after setting-up a new all-time high for 4 consecutive days. The technical structure shows a tremendous positive short-term momentum. Hourly support can be located at 6027 (30/10/2017 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 is bouncing back higher within former uptrend channel. Support is given at 1.1610 (27/10/2017 low). Rising channel suggests further bullish momentum.

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 way into a short-term bearish momentum. As long as prices are below the resistance at 0.9046 (05/09/2017 high), the shortterm technical structure is biased to the downside. Hourly support is given at a distance at 0.8733 (01/11/2017 low).

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).

• Will Dips Being Pounced on After Profit Taking?
• Brexit Talks Resume as Negotiations Move at Snail’s Pace;
• UK GDP Data Due as EC Downgrades Forecasts.

Will Dips Being Pounced on After Profit Taking?

Fresh record closes in US equity markets barely count as news nowadays, but a day after having done just that, major indices are on course to open around 0.2% lower this morning.

The declines in US futures track similar moves in European equity markets which are suffering a lack of direction in what has been a very slow news week, from a markets perspective. While indices have still managed to eke out new highs despite a complete absence of catalysts, the moves have been very small, even by the current stock market standard, and it would appear this has encouraged some profit taking from investors.

That’s not to say these declines will be sustained - the evidence suggests the buy the dip mentality is alive and well in the markets – but any corrections, however small, will likely be welcomed by investors who crave some more volatility in the markets. Perhaps the reports of delayed implementation period for corporate tax cuts has taken some of the shine off the rally but I don’t think it will make much difference, as long as it ultimately passes.

Donald Trump’s Asia visit has had little impact so far on markets, with the US President having pretty much kept to the expected script of fairer trade and a tougher stance on North Korea. As was the case with Trump’s previous visit to the Middle East, he appears to have mostly stuck to the script and caused no alarm or controversy as a result, something that is not always the case when at home. As long as this remains the case, the visit will likely pass without attracting much attention in the markets.

As far as the US is concerned, the vast majority of the most important economic events took place last week, with earnings season now drawing to a close, a new Federal Reserve Chair having been announced, tax reform details having been released and the Fed meeting having concluded without any changes. That’s left us with very little to focus on this week and today is no different. The only notable release today will be the weekly jobless claims.

Brexit Talks Resume as Negotiations Move at Snail’s Pace

Over in Europe, UK and EU negotiators will once again prepare to meet for Brexit talks today, although if previous discussions are anything to go by we shouldn’t be optimistic on much progress being made. Still, with time fast running out for the two to move onto trade and transition discussions before companies start implementing contingency plans in case of worst case scenario no deal, we may hopefully start to see some progress on the Brexit bill, citizens right and the Northern Ireland border. Although as we’ve seen repeatedly over recent years with Greece in particular, these things have a knack of being resolved at the eleventh hour.

It will be interesting to see how vulnerable the pound is to negotiations as we near the end of the year, which is the point at which many companies have signalled clarity on the future relationship will need to be made known. I would imagine the pound would come off worst in the situation that we’re no further on than we are now in a couple of months’ time.

UK GDP Data Due as EC Downgrades Forecasts

On the UK side we will get some GDP data today, with NIESR releasing their estimate for the last three months. This comes as the European Commission earlier today released their economic forecasts and lowered their growth expectations for the UK this year to 1.5% and predicted it to be one of the slowest growing economies in the EU in 2019.

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 0.7571 (05/07/2017 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 continues to decline, but at a slower pace, after the set-up of a resistance at 1.2917 (27/10/2017 low). This suggests a further extension of bullish momentum. Hourly support lies at 1.2703 (06/11/2017 low). Expected to show continued short-term bearish 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 is consolidating. Yet, the technical structure is still bullish. The technical structure suggests an improving short-term buying interest. Expected to show continued bullish momentum. Hourly support stands at 0.9951 (01/11/2017 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.