Currency snapshot (major pairs)

Dollar index trading at 93.42 (-0.05%)

Strength meter (today so far) – Euro -0.05%, Franc -0.18%, Yen +0.08%, GBP +0.10%

Strength meter (since last week) – Euro +0.53%, Franc +0.48%, Yen +0.59%, GBP +0.35%

EUR/USD –

Trading at 1.183

Trend meter –

• Long term – Buy, Medium term – Buy, Short term – Sell

Support          

• Long term – 1.14, Medium term – 1.16, Short term – 1.16

Resistance –

• Long term – 1.22, Medium term – 1.22, Short term – 1.2

Economic release today –

• Flash manufacturing PMI rose to 60.6 in December.
• Services PMI rose to 56.5 in December.
• ECB will announce rate decision at 12:45 GMT.

Commentary –

• The euro is up this week awaiting ECB rate decision on Thursday. Active call – Sell targeting 1.14

GBP/USD –

Trading at 1.343

Trend meter –

• Long term – Sell, Medium term – Buy, Short term – Buy

Support –

• Long term – 1.28, Medium term – 1.295, Short term – 1.32

Resistance –

• Long term – 1.38 Medium term – 1.36, Short term – 1.35

Economic release today –

• Retail sales rose 1.1 percent in November, up 1.6 percent y/y.
• BoE kept interest rates unchanged at today’s meeting.

Commentary –

• The pound is up this week on weak dollar.

USD/JPY –           

Trading at 112.7

Trend meter –

• Long term – Sell, Medium term – sell, Short term – Range/Sell

Support –

• Long term – 107, Medium term – 108.4, Short term – 108.4

Resistance –

• Long term – 116, Medium term – 114.2, Short term – 114.2

Economic release today –

• Tankan survey report for fourth quarter will be released at 23:50 GMT.

Commentary –

• The yen is the best performer this week. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.987

Trend meter –

• Long term – Buy, Medium term – Range/sell, Short term – Range/Sell

Support –

• Long term – 0.90, Medium term – 0.92, Short term – 0.95

Resistance –

• Long term – 1.04, Medium term – 1.01, Short term – 1.00

Economic release today –

• SNB kept monetary policy unchanged at today’s meeting.

Commentary –

• Franc is up in line with the euro. Active call – Buy pair targeting 1.02

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