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Crude oil is edging higher above the $50 level. Key support is given at 45.40 (17/08/2017 high). Strong resistance found at 50.43 (31/07/2017) has been broken. Expected to show another leg higher.

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

Silver has reversed and has broken uptrend channel by breaking support implied by its lower bound. Strong resistance is given at 18.65 (17/04/2017 high) while support can be found at 16.58 (15/08/2017 high). Expected to show further bearish move.

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 consolidating below 1300. Hourly support is now given at 1288 (21/08/2017 low). Hourly resistance is located at 1357 (08/09/2016). Stronger support lies at 1204 (10/07/2017 high). Expected to show further bearish move.

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 taken a dive after strong interest over the summer. The digital currency has set up a new support at 2975 (22/08/2017 low). Hourly resistance is given at 4121 (18/09/2017 low). Key resistance can be located at 4921 (01/09/2017 high). The road is wide open for further shortterm decline.

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's buying pressures are going up and the pair has broken resistance area between 1.1356 and 1.1472. The pair has also broken resistance at 1.1538 (04/08/2017 high). Expected to show continued bullish pressures.

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 trading mixed. The pair is having strong selling pressures. As long as prices remain below the resistance at 0.9176 (declining trendline), the short-term technical structure is biased to the downside. Hourly support is given at 0.8719 (16/06/2017). Strong resistance lies at 0.9306 (29/07/2017 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).

US equity markets are on course to kick off the week slightly in the red, tracking similar moves across most of Europe and Asia overnight.

While the market impact has been negligible so far, the focus at the start of the week has been on politics after Germany and New Zealand went to the polls over the weekend and Japanese Prime Minister dissolved the lower house of parliament – effective 28 September – and called a snap election. The New Zealand election result has probably had the greatest impact, with the kiwi almost 1% lower against the greenback after neither of the main parties secured a majority, leaving the fate of the future government in the hands of the nationalist NZ First party.

The nationalists also performed strongly in Germany, where AfD become the first far right party to enter parliament since the second world war. While the EU will likely declare the result another victory for pro-EU parties, as it did after the French and Dutch election, the fact remains that nationalist parties are becoming increasingly popular and this result is another sign of this. The EU must work harder to reverse the trend if they want to avoid another exit in the years ahead.

As it is, Angela Merkel’s CDU party will likely go into coalition with the FDP and Green parties, forming what has become known as the Jamaica coalition due to the respective party colours, with another grand coalition with the SPD apparently off the cards. The SPD performed even worse than expected and appeared to suffer as a result of the party’s last partnership with its rival. Still, investors appear confident that coalition talks will go smoothly, although they could take anything from a few weeks to a few months to complete, leaving a small element of uncertainty in the meantime.

As was already widely reported, Japanese Prime Minister Shinzo Abe on Monday dissolved the lower house of parliament and called a snap election, claiming he was looking to seek a mandate to proceed with strong diplomacy. The reality is that Abe is looking to capitalise on his strong performance in recent polls on the back of his stance over North Korea and apparent disarray within the opposition parties. Abe proposed a two trillion yen stimulus package alongside the announcement, a clear sweetener for the electorate ahead of the vote.

Still to come today we’ll hear from ECB President Mario Draghi, the Fed’s Charles Evans and Neel Kashkari and RBA Assistance Governor Michele Bullock.

AUD/USD has broken support implied by the lower bound of the uptrend channel. Hourly resistance is given at 0.8125 (08/09/2017 high). Hourly support is given at 0.7908 (22/09/2017 low). Expected to further weaken.

In the long-term, the trend is largely negative since 2011. Key supports stands at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view.

USD/CAD is edging higher. Hourly support is located at 1.2062 (08/09/2017 low). Resistance is now given at a distance at 1.2239 (intraday 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 keeps on bouncing higher. Strong resistance is given at 0.9808 (30/05/2017 high). The technical structure shows that there decent downside risks. Strong support is given at 0.9421 (03/05/2017). Expected to show renewed bearish pressures.

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.