Bitcoin analysis for November 10, 2017

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The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $6,708. While Wall Street heavies publically shamed bitcoin and its users, Citigroup is taking a more nuanced approach. In a wide-ranging interview at a futuristic conference in New York City, its CEO describes in detail how his firm, the fourth largest bank in the United States by total assets, just behind Wells Fargo, Bank of America, and JP Morgan Chase, will confront the world's most popular cryptocurrency, bitcoin. The technical picture looks bearish.

Trading recommendations:

According to the 4H time frame, I found a bearish engulfing candle formation in the background, which is a sign that buying looks risky. I also found a broken upward trendline, which is another sign of weakness. My advice is to watch for potential selling opportunties. The first downward target is set at the price of $6.060.

Support/Resistance

$7.332 – Intraday resistance (price action)

$7.878 – Major resistance

$6.060 – Downward target

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GBP/USD analysis for November 10, 2017

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3160. According to the 30M time – frame, I found successful testing of 4 day resistance at the price of 1.3177, which is a sign that aggressive sellers entered the market. There is also a hidden bearish divergence on the moving average oscilator in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities.

Resistance levels:

R1: 1.3180

R2: 1.3213

R3: 1.3260

Support levels:

S1: 1.3100

S2: 1.3050

S3: 1.3020

Trading recommendations for today: watch for potential selling opportunities.

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Analysis of EUR/USD for November 10, 2017

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Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.1662. According to the 15M timeframe, I found a fake breakout of yesterday's high at the price of 1.1655, which is a sign that buying looks risky today. I also found a confirmation of a fake breakout in the background, which is a sign that there is weakness. Watch for potential selling opportunities. Downward targets are set at the price of 1.1609 (FR 50%), 1.1596 (FR 61.8%) and 1.1578 (FR 78.6%).

Resistance levels:

R1: 1.1669

R2: 1.1697

R3: 1.1738

Support levels:

S1: 1.1600

S2: 1.1558

S3: 1.1530

Trading recommendations for today: watch for potential selling opportunities.

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Technical analysis of NZD/USD for November 10, 2017

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Overview:

  • The NZD/USD pair tested the level of 0.6933 on the H1 chart. This pair will probably continue to move upwards from the level of 0.6933. However, the first resistance level is seen at 0.6963 followed by 0.6981 and 0.7003, while the weekly support 1 is seen at 0.6889 (major support this week). According to the previous events, the NZD/USD pair is still moving between the levels of 0.6933 and 0.7003. Furthermore, if the trend is able to break out the first resistance level at 0.6963, we could see the pair climbing towards the resistance levels of 0.6981 and 0.7003. Therefore, buy above the level of 0.6933 (major support) with the first target at 0.6981 in order to test the daily resistance 2 and further to 0.7003. Also, it should be noted that the level of 0.7003 is a good place to take profit on the H1 chart. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6933, a further decline to 0.6862 can occur which would indicate a bearish market. On the whole, we are still looking for a strong bullish market as long as the trend is above the price of 0.6933.
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Technical analysis of USD/CHF for November 10, 2017

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Overview:

  • Yetserday, the trend of USD/CHF pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.9938 and 1.0037. Also, the daily resistance and support are seen at the levels of 1.0037 and 0.9938 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. Last month, the market moved from its bottom at 0.9938 and continued to rise towards the top of 1.0037. Today, in the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 1.0037, the market will indicate a bearish opportunity below the strong resistance level of 1.0037 (the level of 1.0037 coincides with the double top too). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.0037 with the first target at 1.0037. If the trend breaks the support level of 1.0037, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9885 in order to test the daily support 2 on the H4 chart.
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NZD/USD Intraday technical levels and trading recommendations for November 10, 2017

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Daily Outlook

A recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.

This resulted in a quick bullish advance towards next price zones around 0.7150-0.7230 (Key-Zone) and 0.7310-0.7380 which was temporarily breached to the upside.

Recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.

Re-consolidation below the price level of 0.7300 enhanced the bearish side of the market. This brought the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) which failed to pause the ongoing bearish momentum.

An atypical Head and Shoulders pattern was expressed on the depicted chart indicating high probability of bearish reversal as long as bearish persistence below the neckline 0.7150 is maintained.

As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That's why, further bearish decline was expected towards 0.6800 (Reversal pattern bearish target).

If the recent low (0.6817) remains defended by the bulls, a bullish pullback can be expected towards 0.7050 if the current bullish pullback persists above 0.6970 ( Intraday Key-level ).

Trade recommendations:

A valid SELL entry can be offered around the price level of 0.7050 S/L should be placed above 0.7100. T/P levels to be placed at 0.6970, 0.6900 and 0.6830

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Intraday technical levels and trading recommendations for EUR/USD for November 10, 2017

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Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.

The current bullish breakout above 1.1450 allowed a quick bullish advance towards 1.2100 where recent evidence of bearish rejection was expressed (Note the previous Monthly candlestick of September).

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Daily Outlook

In January 2017, the previous downtrend was reversed when the Inverted Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.

As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Previous Daily Supply-Zone).

The daily supply zone failed to pause the ongoing bullish momentum. Instead, evident bullish breakout was expressed towards the price level of 1.2100 where the depicted Head and Shoulders reversal pattern was expressed.

If the recent bearish breakout persists below 1.1700 (Neckline of the reversal pattern), a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 (Initial targets for the depicted H&S pattern).

Bearish target for the depicted Head and Shoulders pattern extends towards 1.1350. However, to pursue towards the mentioned target level, significant bearish pressure is needed to be applied against the mentioned zone (1.1415-1.1520).

Trade Recommendations

Price action should be watched around the price zone of 1.1520-1.1415 for evident bullish recovery and a possible short-term BUY entry.

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BITCOIN Analysis for November 10, 2017

Bitcoin has been quite corrective recently after bouncing off the $7,800 area due to cancellation of the fork that was about to happen in the upcoming week. The market is still going through the effect of cancellation and this event is weighting on the Bitcoin whereas the impact is expected to be very short in length. Bitcoin has gone through such tough situations earlier this year which it has successfully taken over and gained well. As of the current situation, price is currently consolidating in a range between $6,900 to $7,500 level whereas it is currently residing above the Kumo Cloud and strong support area of $6,900-$7,000. The trend is still quite bullish and it has a higher chance of proceeding higher in the coming days. As the price remains above $6,900-$7,000 support area the bullish bias is expected to continue further.

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Ichimoku indicator analysis of USDX for November 10, 2017

The Dollar index has entered the Ichimoku cloud. Trend has changed to neutral. However medium-term trend remains bullish as price is making higher highs and higher lows.

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Blue line - trend line support

The Dollar index short-term trend is neutral as price has entered inside the Ichimoku cloud. Support is at the lower cloud boundary and at the blue trend line support at 94.28-94.20. Resistance is at 94.75.

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On a weekly basis, we see price turn around as it is being rejected by the weekly kijun-sen (yellow line indicator) and the 38% Fibonacci retracement. This is a bearish sign that will at least push price towards the tenkan-sen (red line indicator). I remain longer-term bearish but we do not have a confirmation yet that the entire upward corrective bounce is complete.

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Ichimoku indicator analysis of gold for November 10, 2017

Gold price is trading around its important short-term resistance area of $1,283-87. There is no clear break out above the resistance area as price has stuck around here. There are some Fibonacci retracement resistance levels here that are important and should not be ignored.

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Gold price is trading above the 4-hour Ichimoku cloud. Cloud support is at $1,274. As long as price is above this level trend is bullish in the short-term. Price so far reached the 61.8% Fibonacci retracement and is getting rejected. A pull back is very likely. Resistance is at $1,288-89.

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Yesterday's daily candle closed above the kijun-sen and this is a bullish sign. This increases the chances of moving towards the daily Kumo (cloud). Daily support is at $1,276. This is the tenkan-sen (red line indicator). Bulls do not want to see a daily close below it.The material has been provided by InstaForex Company - www.instaforex.com

Trading plan 11/10/2017

Trading plan 11/10/2017

General picture: There is no important news, the market is determined with the direction.

The week that is "empty" of news ends. EURUSD made an attempt to start rising on Thursday - having overcome the difficult level of 1.1625 to the top.

The picture on the euro now looks so that 1.1550 is the bottom of the new range, and growth may well develop to 1.2080.

On the GBPUSD rate: So far the price continues to consolidate in the range of 1.3020 - 1.3320.

Buy after the breakthrough to the top at 1.3320.

Sell after a break down to 1.3020.

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Burning forecast 10/11/2017

Burning forecast 10/11/2017

EURUSD: There is a buy signal.

There are still no important news on the market.

On Thursday, following three days of uncertainty, the market signaled an increase in the EURUSD pair:

An important level of 1.1625 was pushed upwards. Sellers made a powerful attack on the euro within the next hour after the breakdown, attempting to lower the price below 1.1600. However, the decline was promptly regained, and its price closed the day near its highs for the day and the week.

Therefore, buying appears more appealing.

We are buying the euro from 1.1625 - and in case of a breakthrough, we buy at 1.1690 for breakdown.

Stop-loss at 1.1580.

Goals - from 1.1840 and above.

Alternative: Selling for a breakthrough at 1.1550 downwards.

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Euro, pound, oil: pending driver

Eurozone

Exports and imports in the euro area slightly decreased in September. However, the trade balance is still confidently surplus, which indicates a sustained recovery in the economies of the euro area.

The volume of retail sales grew by 0.7% in September while year-on-year growth was 3.7%. If we compare the situation with consumer activity in the US, then the chances of the eurozone to reach the first inflation targets are at least possible.

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The ECB outlined the deadline for the curtailment of the asset repurchase program at the last meeting. However, the question on the interest rates was postponed for an indefinite period. Such an elective transition to the normalization of monetary policy is designed, apparently, to bring down the increased demand for the euro. In other words, the ECB's policy is to withdraw surplus funds from the eurozone. This has a similar effect with traditional measures which cools the business climate.

Today, the euro can experience periods of volatility, as five members of the Board of Governors - Coeure, Constancio, Mersch, Weidmann and Lautenschlager are expected to speak throughout the day. It is unlikely that they will be able to evade assessments of the current monetary policy but if we consider the prospects for the euro in the long-term projection, then there are very few reasons for returning to the growth path. A possible correction to 1.1750 will be used by players to sell.

United Kingdom

Today, the NIESR will publish another estimate of GDP growth rates. The Bank of England noted in their report on inflation for November that the prospects for economic growth is increasingly dependent on how quickly labor productivity can grow. In recent years, there has been a tendency to slow productivity and the situation is exacerbated by the uncertainty associated with Brexit. That's why expecting GDP growth under current conditions is not necessary. Nevertheless, the Bank of England raised its forecast for GDP growth to 0.4%.

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On Friday, the report on industrial production and trade balance for September will be published. The expectations are neutral and the publication is unlikely to have a significant impact on investor sentiment.

The pound is influenced by varying factors. On one hand, the rise in prices for raw materials and stock markets supports the pound. On the other hand, the rate hike may be a hasty step. This is because high inflation is largely due to the appreciation of imports caused by the weakness of the pound rather than an increase in real consumer activity. This means wage growth remains weak. Tighter financial conditions may have a negative impact on the economy and will not affect inflationary pressures in any way.

The pound looks insecure and given the driver's suitability for the rate, it can continue to decline. Support for the level of 1.3030 looks weak and can be overcome in the short term. A more important goal is the minimum of August 1.2770.

Oil and ruble

On Wednesday, OPEC raised its forecast for world oil demand to 102.3 million barrels per day by 2022. This supported the trend for the growth of oil quotations. A number of circumstances continue to play in favor of the bulls. This includes arrests of a whole group of princes and high-ranking officials in Saudi Arabia causing oil quotes to remain above the 2-year highs.

At the same time, it is becoming increasingly difficult to search for new growth drivers. The RSI weekly chart entered the oversold zone for the first time since 2011, and the probability of a minimum corrective decrease has increased noticeably.

However, to reduce it, we need reasons that the market can not yet find. The expected slowdown in China is not causing worries as the forecasts for the growth of energy consumption in China is still high. A possible correction is unlikely to be deep or protracted, bullish factors will continue to dominate, and the barrier of $ 65 / bbl. will be overcome most likely in the next couple of weeks.

The ruble tested resistance to 59.50 but there are still few fundamental reasons for the weakening of the Russian currency. The main factor of the ruble's decline is the growth of expectations for strengthening the dollar in the global trend.

On Friday, November 10, Vladimir Putin and Donald Trump will meet. The results of the meeting can affect the quotes in any direction and therefore, by the end of the week, the uncertainty factor will prevent players from withdrawing the ruble from the formed trading range.

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Trading plan for EUR/USD and USDX for November 10, 2017

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Technical outlook:

A 4H chart view of the EUR/USD pair has been presented here for a better view of waves from top formation at 1.2092 levels earlier. We are still contemplating a fair probability for the pair to produce a leading diagonal wave structure, which should unfold into 5 waves subdividing into 5-3-5-3-5 waves as labelled above. The 5th wave might be complete at 1.1553 levels or should be terminating into another low. A push above 1.1690 levels would confirm that it is complete. It was suggested to turn long in our last discussion and the pair has since gained about 80-100 pips but the rally is still looking to have unfolded into 3 waves and hence may be corrective. Immediate price resistance is seen through 1.1690/1.1700 levels and a clearance of that would be encouraging to bulls. Please also note that the Fibonacci extension (red color) is pointing towards 1.1506 levels at least. Hence, a short-term wave structure might change our trade plan.

Trading plan:

1. Please exit longs and take profits.

2. Aggressive traders would want to go short, with risk around 1.1700 levels, targeting below 1.1550.

3. Conservative traders please remain flat for now and look to buy below 1.1530 levels.

USDX chart setups:

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Technical outlook:

The 4H chart setup presented here for the US dollar index is indicating a clear 5 wave impulse probability since the lows at 91.00 levels earlier. We have shown the most likely wave count labeling here that says the index is probably into its v of 5th wave, having terminated wave iv close to 94.40 levels yesterday. One last push is expected towards 95.30/50 levels before reversing lower again. Please note that the entire rally unfolded into 5 waves, which could be labelled as wave A within the three wave corrective rally A-B-C which could terminate higher towards 98.00 and 99.00 levels respectively. The alternate count could be that the entire rally between 91.00 through 95.30/50 levels can be termed as wave (4) of a higher degree and that the pair could drop towards wave (5) lower to test 91.00 levels going forward.

Trading plan:

1. Please book profits on short positions if taken earlier.

2. Aggressive traders would like to long now, with risk below 94.30 levels, targeting 95.30

3. Conservative traders please remain flat and look to sell higher.

Fundamental outlook:

Please watch out for Michigan Sentiment around 10:00 AM EST

Good luck!

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Elliott wave analysis of EUR/NZD for November 10, 2017

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Wave summary:

Wave II seems to have bottomed already at 1.6614 and wave III ready to develop. We still need a firm break above minor resistance at 1.6813 to confirm this view. Short-term, we ill be looking for support near 1.6690 to protect the downside for the next impulsive rally higher to 1.7216 and above towards 1.7770 in wave iii.

Even if the 1.6614 low is broken again, the downside should be limited to 1.6545 to complete wave ii.

R3: 1.7216

R2: 1.7059

R1: 1.6831

Pivot: 1.6690

S1: 1.6614

S2: 1.6545

S3: 1.6518

Trading recommendation:

Our stop+reverse at 1.6770 has been hit for a small profit of 20 pips and we are now long EUR at 1.6770 and we will place our stop at 1.6610.

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Elliott wave analysis of EUR/JPY for November 10, 2017

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Wave summary:

Our expectation of a more complex wave ii correction seems to be well founded. We are looking for wave c of me to move higher to 133.15 before completing wave ii and turning prices lower in wave iii towards 128.36 and below.

Our preferred count remains, that wave (D) completed with the test of 134.49 and wave (E) lower to 123.45 now is developing.

R3: 133.15

R2; 132.84

R1: 132.26

Pivot: 131.60

S1: 131.00

S2: 130.56

S3: 130.05

Trading recommendation:

We are short EUR from 132.59 with stop placed at 132.30. If this stop is hit, we will sell EUR again at 133.10.

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Technical analysis of EUR/USD for Nov 10, 2017

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When the European market opens, some Economic Data will be released, such as Italian Industrial Production m/m, French Prelim Private Payrolls q/q, and French Industrial Production m/m. The US will release the Economic Data, too, such as Federal Budget Balance, Prelim UoM Inflation Expectations, and Prelim UoM Consumer Sentiment, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1708.

Strong Resistance:1.1701.

Original Resistance: 1.1690.

Inner Sell Area: 1.1679.

Target Inner Area: 1.1651.

Inner Buy Area: 1.1623.

Original Support: 1.1612.

Strong Support: 1.1601.

Breakout SELL Level: 1.1594.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for Nov 10, 2017

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In Asia, Japan will release the Tertiary Industry Activity m/m and M2 Money Stock y/y data, and the US will release some Economic Data, such as Federal Budget Balance, Prelim UoM Inflation Expectations, and Prelim UoM Consumer Sentiment. So, there is a probability the USD/JPY will move with a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 113.93.

Resistance. 2: 113.70.

Resistance. 1: 113.46.

Support. 1: 113.17.

Support. 2: 112.94.

Support. 3: 112.70.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Fundamental Analysis of EUR/GBP for November 10, 2017

EUR/GBP has been residing inside the corrective range between 0.8750 to 0.9030 area which recently is showing a bearish slope before breaking out of it. GBP has been quite positive with the economic reports after the Rate Hike which made the currency a bit stronger than EUR having mixed economic reports recently. Today EUR French Industrial Production report is going to be published which is expecting an increase to 0.6% from the previous negative value of -0.3%, French Prelim Private Payrolls report is expected to show a slight decrease to 0.3% from the previous value of 0.4% and Italian Industrial Production report is expected to be negative at -0.3% which previously was at 1.2%. On the GBP side, today, the Manufacturing Production report is going to be published which is expected to show a decrease to 0.3% from the previous value of 0.4%, the Goods Trade Balance report is expected to show less deficit at -12.9B from the previous figure of -14.2B, Construction Output is expected to be negative at -0.6% from the previous positive value of 0.6% and the Industrial Production report is expected to increase to 0.3% from the previous value of 0.2%. As of the current scenario, economic reports of both currencies of the pair are expected to have mixed results which might lead to further correction and indecision, but any better than expected result of GBP can lead to further bearish pressure in the pair dominating the EUR in the coming days. To sum up, GBP is expected to have an upper hand over EUR.

Now let us look at the technical view, price has been quite corrective and bullish recently which is being held by the dynamic level of 20 EMA and trendline resistance. As the price remains below 0.8950 mid-range resistance area, it is expected that the bearish pressure will continue with the target towards 0.8650 and later towards 0.8400 support area.

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AUD/JPY whipsawing a lot, remain bullish for a strong rise

The price has been whipsawed a lot since yesterday, but is starting to form a nice reversal pattern. We look to buy above strong support at 86.95 (Fibonacci extension, Fibonacci retracement, horizontal swing low support, bullish divergence) for a bounce to at least 87.67 resistance (Fibonacci retracement, horizontal swing high resistance).

Stochastic (89,3,1) is seeing bullish divergence vs the price signalling that a reversal is impending.

Buy above 86.95. Stop loss is at 86.61. Take profit is at 87.67.

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AUD/USD bouncing up nicely as expected, remain bullish for a further rise

The price continues to rise nicely from our buying area, having made a bullish exit of its descending resistance-turned-support line. We remain bullish looking to buy on dips above 0.7628 major support (Fibonacci extension, horizontal swing low support, Long term Fibonacci retracement, bullish divergence) for a push up to at least 0.7730 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,3,1) is rising nicely with good upside potential. Bullish divergence vs the price also signals that a reversal is in progress.

Buy above 0.7628. Stop loss is at 0.7556. Take profit is at 0.7730.

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Fundamental Analysis of USD/CHF for November 10, 2017

USD/CHF has been quite volatile and corrective for the recent few days after breaking above the 0.9860 price level. Both CHF and USD had been quite worse with the economic reports this week which lead to further corrective price action. Recently CHF has been quite mixed with the economic reports where the CPI report was published with a decreased value as expected at 0.1%, which previously was at 0.2% and Foreign Currency Reserves increased to 742B from the previous figure of 724B. On the other hand, USD was also quite mixed with the economic reports this week and recent increased Unemployment Claims figure of 239k from the previous figure of 229k made the currency lose more grounds against CHF recently. Today there is no CHF economic reports to be published, but USD Prelim UoM Consumer Sentiment report is going to be published which is expected to have slight increase to 110.8 from the previous figure of 110.7 and Prelim UoM Inflation Expectations report is also expected to be hawkish which previously was at 2.4%. As of the current scenario, the market is expected to be quite corrective and bearish in nature in the coming days before USD comes up with high impact positive news to increase the gains against CHF in the coming days.

Now let us look at the technical view, price is currently residing at the dynamic support of 20 EMA which is expected to push the price higher, but the recent impulsive bearish engulfing daily candle does indicate that the price is going to head much lower towards the support area of 0.9760 to 0.9860 before price launches up higher. As the price remains above the support area the bullish bias is expected to continue with the target towards 1.01 resistance area.

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Daily analysis of major pairs for November 10, 2017

EUR/USD: The EUR/USD moved higher on Thursday, but that movement was not significant enough for a clean bullish bias. A movement above the resistance line at 1.1700 would result in a bullish bias, while a movement below the support line at 1.1550 would help strengthen the recent bearishness in the market.

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USD/CHF: This pair moved lower on Thursday, but that movement was not significant enough for a clean bearish bias. A movement below the support level at 0.9900 would result in a bearish bias, while a movement above the resistance level at 1.0050 would help strengthen the recent bullishness in the market.

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GBP/USD: In spite of the volatility in the market, there is some bearish bias on the Cable. Things are looking dicey right now, but a directional movement is imminent. The market is expected to go downwards, reaching the accumulation territories at 1.3100, 1.3050 and 1.3000 (which would be attained today or next week).

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USD/JPY: A short-term "sell" signal has been generated on the USD/JPY. Price has gone below the supply level at 113.50; and now going towards the demand level at 113.00. It is expected that the pair would go further downwards than that.

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EUR/JPY: This cross is still bearish; with the EMA 11 below the EMA 56 and the RSI period 14 below the level 50. The next target for bears are located at the demand zones at 131.50, 131.00 and 130.50. Rallies along the way are ought to be contained at the supply zones at 132.50, 133.00 and 133.50.

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The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of USDX for November 10, 2017

USDX remains in sideways and now it's challenging the 200 SMA at H1 chart. Bulls are trying to gain impetu in the short-term, with the nearest target placed at the 95.14 level, which also should give up in order to allow a rally towards the 95.85 level. To the downside, the next strong support is placed around 93.97.

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H1 chart's resistance levels: 95.14 / 95.85

H1 chart's support levels: 94.60 / 93.97

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 95.14, take profit is at 95.85 and stop loss is at 94.47.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/USD for November 10, 2017

The outlook for GBP/USD remains bearish, as the moving average in the H1 chart is still above current price across the board. Nearest support lies at the 1.3037 level, which should give up to tbe bears' action in order to test the 1.2880 level. MACD indicator is slightly bearish and favoring to the bears in the short-term at least.

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H1 chart's resistance levels: 1.3201 / 1.3309

H1 chart's support levels: 1.3037 / 1.2880

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3037, take profit is at 1.2880 and stop loss is at 1.3193.

The material has been provided by InstaForex Company - www.instaforex.com