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The DAX has posted considerable gains in the Wednesday session. Currently, the DAX is at 13,442.00, up 1.61% on the day. On the release front, there are no eurozone or German indicators on the schedule. Today’s highlight is the Federal Reserve rate statement. On Thursday, Germany publishes Final Manufacturing and PMI and unemployment change, and the eurozone releases Final Manufacturing PMI.

The DAX has posted strong gains on Wednesday, after positive corporate earnings releases. Most companies on the DAX are showing gains, including BMW (1.56%), Daimler (1.92%), Infineon (3.43%) and Volkswagen (2.55%). The DAX continues to set record highs, and has climbed 3.2% since October 23. German stock markets have also been buoyed by strong German numbers, and with the economy expected to record a healthy fourth quarter, the DAX rally could continue.

In Germany, retail sales rebounded in impressive fashion, gaining 0.5% after two straight declines. On an annualized basis, retail sales gained 4.1%, indicative of strong consumer spending. Germany Preliminary CPI edged down to 0.0%, shy of the forecast of 0.1%. This follows two consecutive readings of 0.1% and points to continuing low inflation in an otherwise robust economy.

After months of speculation, the ECB announced last week that it will begin tapering its asset purchase program, from EUR 60 billion/mth to EUR 30 billion/mth. The program, which was scheduled to end in December, has been extended to April 2018. However, ECB President Mario Draghi added a dovish twist to the move, stating that the program would remain open-ended. This provides the cautious ECB with the ability to keep the program in place beyond April without causing strong movement in the currency and stock markets. The euro has reacted sharply to ECB moves (or lack of a move) in the past, and Draghi would like to minimize the ECB’s involvement in market movement.

Crude oil has surged. Strong resistance given at 52.86 (28/09/2017) has been broken. The commodity is monitoring 1-year high. Expected to show continued increase.

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 again grinding lower. 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 remains weak. The technical structure confirms an underlying bearish trend. Strong support lies at a distance at 1204 (10/07/2017 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 has set up a new all-time high. Strong support stands very far at 2975 (22/08/2017 low). The technical structure shows a very positive short-term momentum. Hourly support can be located at 6027 (30/10/2017 low). In the shortterm, 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 back 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 showing downside pressures. As long as prices are below the resistance at 0.9046 (05/09/2017 high), the short-term technical structure is biased to the downside. Hourly support is given at a distance at 0.8746 (27/09/2017 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).

AUD/USD continues to bounce back but downside pressures are still lively. Hourly resistance is given at 0.7897 (13/10/2017 high). Further. Expected to show continued decline 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 is holding above former resistance at 1.2778 (15/08/2017 high). This suggests an extension of bullish momentum. Hourly support lies at 1.2331 (26/09/2017 high). Expected to show continued short-term bullish 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 clearly in a strong bullish momentum. 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.