Currency snapshot (major pairs)

Dollar index trading at 89.1 (-0.30%)

Strength meter (today so far) – Euro +0.20%, Franc -0.10%, Yen -0.42%, GBP +0.14%

Strength meter (since last week) – Euro +0.18%, Franc -0.30%, Yen -1.02%, GBP +0.54%

EUR/USD –

Trading at 1.244

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 –

• Markit manufacturing PMI came at 59.6 in January.

Commentary –

• The euro gave up some of the gains as ECB pledges to counter dollar’s strength if needed. Active call – target  reached1.25

GBP/USD –

Trading at 1.422

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 –

• Markit manufacturing PMI came at 55.3 in January.

Commentary –

• The pound is the best performer of the week. Active call-  Target reached at 1.43

USD/JPY –           

Trading at 109.6

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 –

• Nikkei manufacturing PMI rose to 54.8 in January.

Commentary –

• The yen is the weakest performer of the week. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.932

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 –

• SECO consumer climate index rose to 5 in the first quarter from 2
• Real retail sales up 0.6 percent y/y in December.
• SVME PMI declines to 65.3 in January.

Commentary –

• Franc is a much worse performer than the euro this week. Active call – Buy pair targeting 1.02

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