Currency snapshot (major pairs)

Dollar index trading at 88.90 (-0.62%)

Strength meter (today so far) – Euro +0.36%, Franc +0.66%, Yen +0.26%, GBP +0.70%

Strength meter (since last week) – Euro +1.88%, Franc +2.73%, Yen +1.06%, GBP +2.90%

EUR/USD –

Trading at 1.244

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 –

• Private loans up 2.8 percent y/y in December.

Commentary –

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

GBP/USD –

Trading at 1.425

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 –

• GDP rose 1.4 percent y/y in the fourth quarter.

Commentary –

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

USD/JPY –           

Trading at 109.3

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 –

• BoJ governor Kuroda is scheduled to speak at 14:00 GMT.

Commentary –

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

USD/CHF –

Trading at 0.935

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 much better performer than the euro. Active call – Buy pair targeting 1.02

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest