Currency snapshot (major pairs)

Dollar index trading at 89.81 (+0.15%)

Strength meter (today so far) – Euro -0.25%, Franc -0.40%, Yen +0.40%, GBP -0.48%

Strength meter (since last week) – Euro -0.84%, Franc -1.10%, Yen +0.87%, GBP -1.56%

EUR/USD –

Trading at 1.235

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 –

• NIL

Commentary –

• The euro is down today as the dollar recovers. Active call – target  reached1.25

GBP/USD –

Trading at 1.389

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 –

• Halifax house prices down 0.6 percent in January, up 2.2 percent from a year ago.

Commentary –

• The pound is the worst performer of the week. Active call-  short term sell targeting 1.375

USD/JPY –           

Trading at 109.2

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 – 112, Short term – 110

Economic release today –

• Labor cash earnings up 0.7 percent y/y in December.

Commentary –

• The yen is the best performer of the day as equities slide. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.94

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 Forex reserve came at 731 billion.

Commentary –

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

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