November 1, European stock indexes rose, amid rising prices, for industrial metals, caused by a boom in China’s manufacturing industry. Rising prices for industrial metals stimulated demand for shares of companies in the metallurgical and mining sectors. Signs of improvement in China provide some support for global equity markets. While the markets are under pressure from relatively weak corporate income reports and signs of a reduction in market assistance from central banks. One of the drivers of today’s growth was the report on profits, Shell Corporation. Shares, Royal Dutch Shell rose 3.7%, after the oil giant reported an increase of 18% in net base profit, beating analysts’ forecasts. At the same time, BP shares fell by 1%, while the company’s net profit figures exceeded expectations. Nokian and Orkla have also released profit growth reports. The volume of retail sales in Switzerland (yoy) in September fell by -2.3%, which is in line with forecasts. The business PMI of Switzerland from SVME in October was 54.7, while the forecast was 53.8. The manufacturing PMI in the UK fell to 54.3, while the forecast is 54.5. FTSE 100 6.969.02 14.80 0.21%. DAX 10,681.72 16.71 0.16%. CAC 40 4,513.71 4.45 0.10%. FTSE MIB 17.192.23 67.18 0.39%. IBEX 35 9.168.30 25.00 0.27%. Stoxx 600 339.25 0.28 0.08%. Yesterday, the EURUSD currency pair quotes, after a puncture in the key support level of 1.0959, failed to consolidate lower and the bulls are moving the pair again, to the north. The MACD indicator continues to grow, pointing to the continued potential of the bulls. In this situation, there is a possibility of continuing the upward movement, to test the key resistance level 1.1113. Alternative option. In case of resumption of decline and re-breakout, the key support level of 1.0959, the bears can continue to push, the EURUSD currency pair quotes, in the direction of the key support level of 1.0826.
Yesterday, the GBPUSD currency pair quotes strengthened slightly. But today, the weak statistics from the UK, prevented the bulls to continue their journey. At the same time, on the H4 chart, the MACD indicator continues to grow, crossing the zero line and indicating the likelihood of continuation, bullish dynamics. In this situation, we can expect the GBPUSD pair to continue to grow, to test the key resistance level of 1.2326. Alternative option. At the same time, in the case of a resumption of the decline, the quotations of the GBPUSD currency pair and the breakdown of the level of yesterday’s daily candle, we can expect a resumption of the decline, to test the key support level of 1.1877.
Today, the USDCHF currency pair quotes resumed their decline, breaking through the level of yesterday’s daily candle. The MACD indicator continues to decline, indicating the potential for bears. In this situation, we can expect a continuation of the decline, the USDCHF currency pair quotes, in the direction of the key support level of 0.9791.
Today, the EUR / JPY currency pair quotes resumed their growth, having completed the key resistance level of 115.45. The MACD indicator continued to grow and crossed the zero line, still showing the potential of bulls. In this situation, we can expect continued growth of the EUR / JPY currency pair quotes and in case of a breakdown of the key resistance level of 115.45, the bulls can continue to move northward, in the direction of the key resistance level of 118.46.
Overview prepared by Fort Financial Services Research.
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