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A steady stream of economic data will make its way through the financial markets on Monday, with European releases expected to make the most noise.

Action begins at 06:00 GMT with German industrial production figures. Germany’s factory output is forecast to climb 0.3% in June, after rising 1.2% the previous month.

At 07:15 GMT, the Swiss government will release the monthly consumer price index (CPI), the most closely-watched barometer of inflation. CPI is forecast to decline 0.3% in July, which translates into a year-over-year gain of 0.3%.

Attention shifts to sentiment data at 08:30 GMT with report on Eurozone investor confidence. The Sentix consumer confidence index is expected to fall to 27.8 in August from 28.3 the previous month.

In North America, the Federal Reserve will release its monthly labor market conditions index at 14:00 GMT. On Friday, the Labor Department said US employers added 209,000 workers to payrolls in July, far exceeding forecasts calling for 180,000. The unemployment rate dipped to 4.3%, matching a 16-year low.

Later in the session, the Fed will also report on consumer credit change for the month of July.

In monetary policy, Federal Reserve Bank of Minneapolis President Neel Kashkari will deliver public remarks at 17:25 GMT. Kashkari is a voting member of this year’s Federal Open Market Committee (FOMC).

Solid jobs numbers lifted the US dollar to one-week highs on Friday. The dollar index (DXY) was last down 0.2% at 93.35.

EUR/USD

The euro regained momentum on Monday after declining sharply at the end of last week. The EUR/USD exchange rate advanced 0.2% to 1.1793. Prices face immediate support at 1.1735, which corresponds with the 38.2% Fibonacci retracement of the 2014-2017 decline. On the opposite side of the spectrum, immediate resistance is found at 1.1909, the high from 2 August.

GBP/USD

The British pound was off to a stable start on Monday following sharp declines in each of the last two sessions. The GBP/USD exchange rate is well off yearly highs after the Bank of England (BOE) voted to keep interest rates on hold. Only two Monetary Policy Committee (MPC) members voted to raise interest rates, compared to three members who did the same back in June. Cable faces immediate support at the psychological 1.3000 level. A break below that region would expose 1.2930, which is the low from 20 July. On the other side of the ledger, the 2017 high of 1.3266 offers a major long-term resistance.  

Gold

Gold prices took a nosedive on Friday, as a surging dollar pressured commodity prices. Bullion has declined in each of the last three sessions. The yellow metal remains rangebound, which means investors can expect prices to continue oscillating between $1,200 and $1,300 for the foreseeable future.

Bitcoin has surged above 3000. Hourly resistance is given at 3292 (06/08/20181 high) and hourly support lies very far at 2403 (26/07/2017 low). The road is wide open for further bullish move.

In the long-term, the digital currency has had an exponential growth. There are decent likelihood that the asset will consolidate above $1500. Long-term support is given at $1464 (04/05/2017 low).

Crude oil is trading mixed. Hourly support is given at 47.86 (26/07/2017 low). Strong resistance can be found at 50.41 (31/07/2017). Expected to break 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's bullish pressures have faded after the commodity reached hourly resistance at 16.94 (02/08/2017 high). The commodity has broken hourly support at 16.25 (25/07/2017 low). Expected to continue pushing lower.

In the long-term, the death cross indicates that 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).

Daily Pivots: (S1) 1.1702; (P) 1.1796 (R1) 1.1863; More...

EUR/USD recovers after drawing support from 4 hour 55 EMA and intraday bias is turned neutral first. But after all, a short term top is formed at 1.1908 on divergence condition in 4 hour MACD. Deeper correction is expected as long as 1.1908 holds. Below 1.1727 minor support will turn bias to the downside for 38.2% retracement of 1.1119 to 1.1908 at 1.1606. We'd expect strong support there to bring rebound.

In the bigger picture, an important bottom was formed at 1.0339 on bullish convergence condition in weekly MACD. Sustained break of 55 month EMA (now at 1.1760) will pave the way to key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. While rise from 1.0339 is strong, there is no confirmation that it's developing into a long term up trend yet. Hence, we'll be cautious on strong resistance from 1.2516 to limit upside. But for now, medium term outlook will remain bullish as long as 1.1295 support holds, in case of pull back.

Gold is consolidating lower. The commodity has broken support at 1254 (27/07/2017 low)/ Strong support is given at 1204 10/07/2017 high). Hourly resistance is given at 1274 (01/08/2017 high). Expected to see further bearish pressures.

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)

EUR/CHF's buying pressures are fading and selling pressures arise. Hourly support is located at a distance at 1.1412 (04/08/2017 low). Expected to show further downside pressures towards 1.1400.

In the longer term, the technical structure has reversed. Resistance at 1.1200 (04/02/2015 high) has been broken. 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 around its highest levels of the year. The pair keeps on pushing higher. Hourly resistance lies at 0.9054 (04/08/2017 high). Hourly support is given at a distance at 0.8742 (16/06/2017 low). Downside risks are nonetheless important.

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.

Daily Pivots: (S1) 1.2983; (P) 1.3073; (R1) 1.3124; More...

Intraday GBP/USD remains on the downside for 1.2932 support. Price actions from 1.1946 are viewed as a corrective pattern, no change is this view. Such correction could have completed at 1.3267 already. Break of 1.2932 will affirm this bearish case and target 1.2588 key near term support for confirmation. On the upside, however, above 1.3163 minor resistance will turn bias back to the upside for 1.3267 instead.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is expected, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

AUD/USD's short-term technical structure is bearish. Hourly resistance is given at 0.8066 (27/07/2017 high) while hourly support can be found at 0.7875 (21/07/2017 low). Expected to show further consolidation.

In the long-term, we are waiting for further signs that the current downtrend is ending. Key supports stand 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.