Novak had graduated from being Russia’s energy minister to deputy prime minister but he is still very much involved with OPEC+ matters. In the meeting today, he basically just reaffirmed the partnership between Russia and OPEC. Adding that:

„Russia will continue to be a key player in the oil market, maintaining its status as a reliable supplier. The OPEC+ member countries are in constant contact, monitor the market situation and are ready to flexibly and promptly respond to any changes in market conditions. The current mechanism for implementing the OPEC+ Agreement is the most effective tool for maximizing the efficiency of oil production and state revenues.“

OPEC is also out with a statement saying that the meeting highlights „the important partnership between the Russian Federation and OPEC at all levels“. It looks like this pact will continue for a while more.

This article was written by Justin Low at www.forexlive.com.

Fundamental
Overview

Overall, we’ve seen a
rangebound price action in the US Dollar this week as the market’s pricing
remained largely unchanged due to the lack of catalysts at three rate cuts by
the end of 2025.

This morning, we saw some
strong bids in the greenback entirely due to the weak Eurozone
PMIs as the flows in the pair spilled over to other markets.

On the EUR side, the
probabilities for a 50 bps cut in December rose to 63% from 26% before the PMIs.
By the end of 2025, the market sees a total of 142 bps of easing.

EURUSD Technical
Analysis – Daily Timeframe

On the daily chart, we can
see that EURUSD broke through the key support zone around the 1.05 handle yesterday and
extended the drop into the 1.0335 level this morning on weak Eurozone PMIs.

From a risk management
perspective, the sellers will have a better risk to reward setup around the previous
support
now turned resistance. The buyers, on the other hand, will want to see the
price rising back above the 1.05 handle to invalidate the bearish setup and
position for a rally into the major trendline.

EURUSD Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can
see that we have another downward trendline now defining the current bearish
momentum. If we were to get a pullback, the sellers will likely lean on it to
position for a drop into new lows, while the buyers will look for a break
higher to pile in for a rally into the major trendline.

EURUSD Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can
see that we have a minor resistance zone around the 1.06 handle. This is where
the sellers keep on stepping in to target the break below the 1.05 handle. The
buyers, on the other hand, will need the price to break higher to start
targeting new highs. The red lines define the average daily range for today.

Upcoming
Catalysts

Today we conclude the week with the US PMIs.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

Fundamental
Overview

Overall, we’ve seen a
rangebound price action in the US Dollar this week as the market’s pricing
remained largely unchanged at three rate cuts by the end of 2025 for the Fed.

This morning, we saw some
strong bids in the greenback due to the weak Eurozone PMIs as the flows there spilled
over to other markets.

On the CHF side, nothing
has changed as the market continues to price a 72% chance of a 25 bps cut in
December and a total of 70 bps of easing by the end of 2025.

USDCHF
Technical Analysis – Daily Timeframe

On the daily chart, we can
see that USDCHF spiked back to the recent high around the 0.8915 level following
the weak Eurozone PMIs. From a risk management perspective, the buyers will
have a better risk to reward setup around the major upward trendline to position for a rally into the 0.9050
level next. The sellers, on the other hand, will want to see the price breaking
below the trendline to start targeting new lows.

USDCHF Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can
see more clearly the upward spike this morning into the recent highs. This is
where we can expect the sellers to step in with a defined risk above the high
to position for a drop into the major trendline. The buyers, on the other hand,
will want to see the price breaking higher to increase the bullish bets into
the 0.9050 level next.

USDCHF Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can
see that we now have a minor upward trendline defining the current bullish
momentum into the high. If we were to get a pullback, the buyers will likely
lean on it to position for a break above the recent highs. The sellers, on the
other hand, will look for a break lower to increase the bearish bets into the
major trendline. The red lines define the average daily range for today.

Upcoming
Catalysts

Today we conclude the week with the US PMIs.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

Capitalize, one of the leading proprietary trading firms,
has announced their „One-Step Evaluation“ program that allows easier
access to trading opportunities than ever before. As part of this user-friendly
process, traders can showcase their talent and get funding in just one
single-stage evaluation, unlike their competitors’ lengthy and multilevel
examination processes.

By lowering or removing many of the traditional barriers to
funding, Capitalize can let traders focus on honing their trading strategy,
knowing that their route to full funding will be as smooth as possible. The
simplified funding process applies to traders of all instruments including
forex, equities, and other digital assets, allowing them instant access to
capital without undue holdups. Candidate traders therefore can become funded
professionals more quickly and more effortlessly than before.

Customer Support

Prop Capitalize is also committed to the best customer
support, which they consider an essential pillar in the trading experience.
Traders can be assured that a supportive team is available to answer any
questions about technical issues, account inquiries, and even to walk them
through the platform to ensure they have whatever they may need to trade
optimally.

Prop Trading with Capitalize

Proprietary trading has gained favor where traders seek to
deploy professional capital without financial exposure on their part. An option
against retail trading, Capitalize will not require a trader to risk their
money. Instead, it believes in talent and potential. Some of the main tenets of
Capitalize’s model are:

• Risk
  Mitigation: Traders use firm capital instead of personal funds. The firm
  covers the losses.
• Earning
  Potential: Competitive potential profit-sharing arrangements set a
  potential earnings for the trader.
• Competitive
  Conditions: Getting access to cutting-edge trading conditions to support
  the best performance.
• No
  Hidden Costs: Accessing trading capital directly and with no additional
  costs or hidden fees.
• One-Step
  Evaluation: Fast-track to funded trading and simplify results-focused
  assessment.

These advantages make Capitalize a possible choice for
traders who are in search of professional support and growth potential in
financial markets.

Capitalize, powered by ThinkMarkets, presents new and
seasoned traders with superior infrastructure and global outreach. Its
attentive attitude toward customers and transparent, trader-oriented conditions
make it one of the leading choices in the prop trading world.

About Capitalize

Capitalize (https://prop-capitalize.com) is a
ThinkMarkets-powered prop trading company focusing on supportive programs and
capital funding to help traders succeed. It is very accessible, with engaged
and skilled customer support, thereby opening up the trading world to skilled
funded traders.

Capitalize is an innovative yet simple funding mechanism for
intrepid traders looking to access the world of finance. Capitalize offers a
remarkably fast and straightforward funding solution, eliminating the usual
complexities and delays. Designed for smart traders, it provides a seamless and
efficient way to access financial markets, allowing users to focus on trading
without unnecessary hurdles. Its simplicity and speed make it a possible choice
for those who value time and efficiency in pursuing their trading goals.

This article was written by FL Contributors at www.forexlive.com.

Equities have now taken a turn lower on the session with European indices seeing red for the most part now. The DAX is now down 0.5% and CAC 40 down 0.8% after the more positive start to the day here. Meanwhile, US futures have also dipped lower with S&P 500 futures down 0.4% on the day.

Besides the softer PMI data from the euro area and UK, there’s not much else to drive the latest changes in equities. And even with traders now saying that the ECB might very well have to move quicker in December, it’s not providing much comfort for European stocks.

The drop lower isn’t just limited to tech shares as well. Dow futures are also now down by 0.3% on the day.

And the more cautious developments here are just adding to the case for EUR/CHF to potentially break to fresh record lows, with the pair already down 0.4% to 0.9250 currently. The low right after the PMI data earlier was 0.9203

This article was written by Justin Low at www.forexlive.com.