Currency snapshot (major pairs)

Dollar index trading at 88.74 (-0.56%)

Strength meter (today so far) – Euro +0.69%, Franc +0.90%, Yen +0.27%, GBP +0.52%

Strength meter (since last week) – Euro +0.90%, Franc +0.80%, Yen +0.57%, GBP +1.43%

EUR/USD –

Trading at 1.248

Trend meter –

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

Support          

• Long term – 1.16, Medium term – 1.18, Short term – 1.2

Resistance –

• Long term – 1.25, Medium term – 1.235, Short term – 1.235 (broken)

Economic release today –

• ECB kept interest rate unchanged at today’s meeting.

Commentary –

• The euro is up this week as the dollar decline gets momentum. Active call – Buy targeting 1.25

GBP/USD –

Trading at 1.43

Trend meter –

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

Support –

• Long term – 1.35, Medium term – 1.385, Short term – 1.385

Resistance –

• Long term – 1.50 Medium term – 1.485, Short term – 1.42 (broken)

Economic release today –

• BBA mortgage approvals were 36,115 in December.

Commentary –

• The pound is the best performer of the week. Active call-  Buy targeting 1.44

USD/JPY –           

Trading at 108.9

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 –

• Tokyo and National inflation report will be released at 23:50 GMT.

Commentary –

• The yen is timid due to lack of risk aversion and BoJ signals no tapering yet but up due to a weaker dollar. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.937

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 (broken)

Resistance –

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

Economic release today –

• NIL

Commentary –

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

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