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Daily Pivots: (S1) 1.1591; (P) 1.1649; (R1) 1.1684; More...

A temporary top is in place at 1.1709 in EUR/CHF and intraday bias is turned neutral first. Some consolidations could be seen first. But outlook remains bullish as long as 1.1387 support holds. Above 1.1709 will extend the medium term rise to 61.8% projection of 1.0652 to 1.1622 from 1.1387 at 1.1986, which is close to 1.2 key level.

In the bigger picture, long term rise from SNB spike low back in 2015 is still in progress. EUR/CHF should now be heading back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1355 support holds.

USD/JPY - 114.28

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 114.14

Kijun-Sen level                  : 113.83

Ichimoku cloud top             : 113.75

Ichimoku cloud bottom      : 113.69

New strategy  :

Buy at 113.70, Target: 114.70, Stop: 113.35

Position :  -

Target :  -

Stop : -

Dollar found renewed buying interest at 113.34 yesterday and has resumed recent upmove, adding credence to our bullish view that the rise from 107.32 low is still in progress and may extend further gain to 114.75-80 (61.8% projection of 111.65-114.10 measuring from 113.24), however, overbought condition should limit upside to 115.00 and risk from there is seen for a retreat later.

In view of this, would not chase this rise here and would be prudent to buy dollar again on pullback as 113.70-75 should limit downside. Below said support at 113.34 would abort and signal top is formed instead, bring retracement of recent rise to 113.15 (previous resistance turned support).

For the 24 hours to 23:00 GMT, the AUD declined 0.64% against the USD and closed at 0.7653.

LME Copper prices declined 0.1% or $6.5/MT to $6964.0/MT. Aluminium prices rose 1.1% or $24.5/MT to $2174.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7649, with the AUD trading slightly lower against the USD from yesterday’s close.

Overnight data showed that Australia’s producer price index (PPI) advanced 0.2% on a quarterly basis in the third quarter of 2017. The PPI had recorded a rise of 0.5% in the previous quarter.

The pair is expected to find support at 0.7613, and a fall through could take it to the next support level of 0.7577. The pair is expected to find its first resistance at 0.7702, and a rise through could take it to the next resistance level of 0.7755.

Next week, market participants would look forward to Australia’s AiG performance of manufacturing and services indices, retail sales, HIA new home sales and trade balance data.

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

For the 24 hours to 23:00 GMT, the EUR declined 1.52% against the USD and closed at 1.1636, after the European Central Bank (ECB), at its latest monetary policy meeting, unveiled plans to scale down but extend its quantitative easing programme.

The ECB, as widely expected, maintained the key interest rate unchanged at record low of 0.00%. Further, the central bank announced that it would halve its bond-buying programme from €60.0 billion a month to €30.0 billion a month starting from January 2018 and would continue until September 2018, or beyond, if necessary. In a post meeting statement, the ECB President, Mario Draghi, expressed optimism over the Euro-bloc's recovery but confirmed that ultra-loose monetary policy would remain for the foreseeable future to bring inflation to the central bank's target in a sustainable way.

On the data front, Germany's GfK consumer confidence index unexpectedly dropped to a level of 10.7 in November, confounding market expectations for the index to remain steady at a level of 10.8 recorded in the prior month.

In the US, data revealed that first time claims for the US unemployment benefits rose less-than-expected to a level of 233.0K in the week ended 21 October, after hitting a revised 44-year low level of 223.0K in the prior week, while markets had expected for a rise to a level of 235.0K. Further, the nation's advance goods trade deficit expanded to a four-month high of $64.1 billion in September, as imports rose for the first time since April. Market participants had envisaged the nation to register an advance goods trade deficit of $64.0 billion, after registering a revised deficit of $63.3 billion in the previous month.

Other data indicated that the US pending home sales remained flat on a monthly basis in September, compared to a revised fall of 2.8% in the previous month, highlighting that housing sector has faltered this year. Market anticipation was for pending home sales to climb 0.5%. Also, the nation's preliminary wholesale inventories registered a less-than-expected rise of 0.3% in September. In the previous month, wholesale inventories had risen 0.9%.

In the Asian session, at GMT0300, the pair is trading at 1.1635, with the EUR trading slightly lower against the USD from yesterday's close.

The pair is expected to find support at 1.1561, and a fall through could take it to the next support level of 1.1487. The pair is expected to find its first resistance at 1.1773, and a rise through could take it to the next resistance level of 1.1911.

With no major macroeconomic releases in the Euro-zone today, traders would direct their attention to the US flash 3Q GDP numbers and the final Michigan consumer confidence index for October, due to release later in the day.

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

Daily Pivots: (S1) 0.7639; (P) 0.7678; (R1) 0.7702; More...

AUD/USD's decline continues today and reaches as low as 0.7624 so far. 0.7628 fibonacci level is met and there is no sign of bottoming yet. Intraday bias remains on the downside. Sustained trading below 0.7628 will pave the way to 0.7322/38 cluster support next. On the upside, 0.7718 minor resistance will turn intraday bias neutral first. But near term outlook will remain bearish as long as 0.7826 resistance holds.

In the bigger picture, rise from 0.6826 medium term bottom is seen as corrective pattern. Current development suggests that it might be completed with three waves up to 0.8124 already. Break of 38.2% retracement of 0.6826 to 0.8124 at 0.7628 will affirm this bearish case. And, decisive break of 0.7328 key cluster support (61.8% retracement at 0.7322) will confirm and bring retest of 0.6826 low. In case rise from 0.6826 resumes and extends, strong resistance should be seen at 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside.

For the 24 hours to 23:00 GMT, the GBP declined 1.02% against the USD and closed at 1.3133, amid doubts over the possibility of an interest rate hike next week and concerns over the Brexit process.

In the Asian session, at GMT0300, the pair is trading at 1.313, with the GBP trading a tad lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3069, and a fall through could take it to the next support level of 1.3009. The pair is expected to find its first resistance at 1.3234, and a rise through could take it to the next resistance level of 1.3339.

Amid a lack of any macroeconomic releases in the UK today, traders would keenly await the Bank of England’s interest rate decision, slated to be announced later next week.

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

Daily Pivots: (S1) 1.2795; (P) 1.2826; (R1) 1.2877; More....

USD/CAD's rally continues today and reaches as high as 1.2884 so far. Intraday bias remains on the upside for 38.2% retracement of 1.4689 to 1.2061 at 1.3065 next. As noted before, medium term down trend from 1.4689 high could have reversed. Sustained break of 1.3065 will pave the way to 1.3793 key medium term resistance next. On the downside, below 1.2780 minor support will turn intraday bias neutral first. But downside of retreat should be contained by 1.2598 resistance turned support and bring rise resumption.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4869 (2016 high) at 1.2048. And with 1.2048 intact, we'd favor the case that fall from 1.4689 is a correction. Break of 1.2777 further affirms this bullish case. That is, larger up trend from 0.9406 is not completed. And USD/CAD should now target 1.3793 key resistance next. However, on the other hand, firm break of 1.2048 will indicate that fall from 1.4689 is at least a medium term down trend and should target 61.8% retracement at 1.1424 and below.

For the 24 hours to 23:00 GMT, the USD rose 0.43% against the JPY and closed at 114.12.

In the Asian session, at GMT0300, the pair is trading at 114.16, with the USD trading slightly higher against the JPY from yesterday's close.

Overnight data indicated that Japan's national consumer price index (CPI) rose 0.7% on an annual basis in September, meeting market expectations and compared to a similar rise in the previous month.

The pair is expected to find support at 113.58, and a fall through could take it to the next support level of 113.00. The pair is expected to find its first resistance at 114.50, and a rise through could take it to the next resistance level of 114.84.

Going ahead, investors would focus on the Bank of Japan's (BoJ) monetary policy decision, scheduled next week.

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 0.9% against the CHF and closed at 0.9981.

In the Asian session, at GMT0300, the pair is trading at 0.9985, with the USD trading marginally higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9911, and a fall through could take it to the next support level of 0.9837. The pair is expected to find its first resistance at 1.0024, and a rise through could take it to the next resistance level of 1.0063.

Going forward, Switzerland’s KOF leading indicator, SVME-PMI, retail sales and SECO consumer confidence data, all set to be released next week, will be on investors’ radar.

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 0.42% against the CAD and closed at 1.2856.

In the Asian session, at GMT0300, the pair is trading at 1.2866, with the USD trading 0.08% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2807, and a fall through could take it to the next support level of 1.2749. The pair is expected to find its first resistance at 1.2899, and a rise through could take it to the next resistance level of 1.2933.

Moving ahead, traders will closely monitor Canada’s GDP data, unemployment rate and Markit manufacturing PMI, all due to release next week.

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