EUR/USD is very quiet on Tuesday

EUR/USD is very quiet on Tuesday, as the pair trades in the mid-1.24 range in the European session. On the release front, German GDP posted a weak gain of 0.1%, matching the forecast. In the US, there are two key events on the schedule – Preliminary GDP and CB Consumer Confidence.
All eyes are on US GDP for Q3, which will be released later on Tuesday. The markets are expecting a strong gain of 3.3%. This is not as strong as the Q2 release, which posted a gain of 4.2%. If the indicator meets or exceeds expectations, we could see the US dollar post gains in the North American session.
The euro hasn’t had much to cheer about lately, and the currency took a tumble on Friday, losing over 150 points. This was a result of remarks from ECB head Mario Draghi, who warned that that inflation expectations were declining to levels that were very low and said the ECB is ready to expand its stimulus program. Deep interest rate cuts haven’t boosted growth or inflation, so the ECB has reached deeper into its toolbox and purchased covered bonds and asset-backed securities. So far, these purchases have been from the private sector, but the ECB could decide to expand these purchases to government bonds, known has quantitative easing (QE). However, there is strong resistance to QE from national central banks, such as the powerful German Bundesbank.
EUR/USD has showed little movement in the Asian and European sessions. The pair touched a high of 1.2444 early in the European session.
1.2518 is a strong resistance line.
1.2407 is a weak support level. 1.2286 is stronger. EUR/USD ratio is close to a split of long and short positions. This is indicative of a lack of trader bias with regard to what direction to expect from the pair.

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XAU/USD is showing limited movement

Gold has posted modest gains on Thursday, recovering losses sustained a day earlier. The spot price is trading at $1196 per ounce in the European session. On the release front, it’s a very quiet day, with only one event, Flash Services PMI. No change is expected in this reading.
The euro hasn’t had much to cheer about lately, and the currency took a tumble on Friday, losing over 150 points. This was a result of remarks from ECB head Mario Draghi, who warned that that inflation expectations were declining to levels that were very low and said the ECB is ready to expand its stimulus program. Deep interest rate cuts haven’t boosted growth or inflation, so the ECB has reached deeper into its toolbox and purchased covered bonds and asset-backed securities. So far, these purchases have been from the private sector, but the ECB could decide to expand these purchases to government bonds, known has quantitative easing (QE). However, there is strong resistance to QE from national central banks, such as the powerful German Bundesbank.
XAU/USD is showing limited movement as the pair continues to trade close to the 1200 line.
On the downside, 1175 is providing strong support.
1200 has reverted to a resistance role as the pair has posted small losses.
Current range: 1175 to 1200. XAU/USD ratio is pointing to gains in short positions on Monday. This is consistent with the pair’s movement, as gold has posted small losses. The ratio has a majority of long positions, indicative of trader bias in favor of gold moving to higher levels.

USD/CHF Daily

 USD/CHF  Daily
14::00 GMT - Mkt. is little changed overall but action has been very choppy today. Res. is still in the 0.9600/10 band followed by 0.9625. To the downside, close sup. is a touch higher at 0.9550. If this subsequently fails, a drop below 0.9530 should   follow.N.I.
R5: 0.9700 * 11 Nov high
R4: 0.9688  Fri high
R3: 0.9654  Tues high
R2: 0.9625  intraday level
R1: 0.9600/10  intraday level
S1: 0.9530  Wed low
S2: 0.9510  intraday level
S3: 0.9475  intraday level
S4: 0.9439 * 29 Oct low

USD/CHF Daily

 USD/CHF  Daily
14::35 GMT - Recovery is continuing with prices recently moving above  the 0.9620 res. There is some res. around current levels (0.9635)  while the next significant level is 0.9688. First sup. should be a bit higher now at 0.9590/00.  N.I.
R4: 0.9751 * Jul 13 high
R3: 0.9740  7 Nov high
R2: 0.9700 * Tues high
R1: 0.9688  Fri high
S1: 0.9590/00  intraday level
S2: 0.9572  14 Nov low
S3: 0.9555  today low
S4: 0.9539 * 30 Oct low
S5: 0.9510  intraday level

EUR/USD Daily

 EUR/USD   Daily
13::35 GMT - Break of the earlier low has seen prices just about reach next sup. band at 1.2393/00. Below here next sup. should come at  1.2380 then 1.2357. Res. is in the 1.2425/40 band. N.I.

R5: 1.2530/40  intraday level
R4: 1.2500/9 * Mon high
R3: 1.2491  Thurs high
R2: 1.2470  today high
R1: 1.2425/40  intraday level
S1: 1.2393  Tues low
S2: 1.2380  intraday level
S3: 1.2357 * 7 Nov low
S4: 1.2345  minor projection

Japanese yen is showing little movement on Thursday

The Japanese yen is showing little movement on Thursday, as USD/JPY trades in the mid-115 range. On the release front, Japanese Core Machinery Orders posted a strong gain of 2.9%. In the US, Unemployment Claims rose to 290 thousand. Later in the day, Fed Chair Janet Yellen will speak at a conference in Washington hosted by the ECB and Federal Reserve.
US Unemployment Claims has looked solid in recent readings, but the key indicator jumped to 290 thousand, missing the estimate of 282 thousand. This marked a seven-week high for the key indicator. USD/JPY shrugged off the weak reading and continues to show little movement. On Friday, we’ll get a look at US retail and consumer confidence numbers, so we could see some movement from USD/JPY.
USD/JPY tested resistance at 115.75 in the Asian session. The pair is steady in European trade.
On the upside, 115.75 remains under pressure. 116.66 is stronger.
114.65 is providing strong support. USD/JPY is almost unchanged on Thursday. This is consistent with USD/JPY, which has shown little net movement on the day. The ratio currently has a majority of long positions, indicative of trader bias towards the US dollar moving higher.