Currency snapshot (major pairs)

Dollar index trading at 89.12 (-0.26%)

Strength meter (today so far) – Euro +0.34%, Franc -0.69%, Yen +0.26%, GBP +0.36%

Strength meter (since last week) – Euro +0.01%, Franc -0.42%, Yen -0.13%, GBP -0.15%

EUR/USD –

Trading at 1.242

Trend meter –

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

Support          

• Long term – 1.18, Medium term – 1.2, Short term – 1.22

Resistance –

• Long term – 1.25, Medium term – 1.25, Short term – 1.25

Economic release today –

• Fourth quarter GDP rose 0.6 percent q/q, up 2.6 percent from a year ago.
• Services sentiment declined to 16.7 in January.
• Consumer confidence came at 1.3
• Industrial confidence came at 8.8
• Business climate in January declined to 1.54
• Economic sentiment in January declined to 114.7

Commentary –

• The euro is the best performer of the week. Active call – target  reached1.25

GBP/USD –

Trading at 1.412

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 – 1.435

Economic release today –

• December consumer credit came at £1.2 billion.
• Money supply declined 0.6 percent in December, up 3.7 percent from a year ago.

Commentary –

• The pound is the down this week on a stronger dollar. Active call-  Target reached at 1.43

USD/JPY –           

Trading at 108.6

Trend meter –

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

Support –

• Long term – 107, Medium term – 108.4, Short term – 108.4 (testing)

Resistance –

• Long term – 116, Medium term – 112, Short term – 110

Economic release today –

• December industrial production report will be released at 23:50 GMT.

Commentary –

• The yen is timid due to lack of risk aversion but relatively better performer today. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.933

Trend meter –

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

Support –

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

Resistance –

• Long term – 1.03, Medium term – 0.98, Short term – 0.95

Economic release today –

• December trade balance came at 2.63 billion.

Commentary –

• Franc is the worst performer of the week so far. Active call – Buy pair targeting 1.02

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