Currency snapshot (major pairs)

Dollar index trading at 89.48 (+0.06%)

Strength meter (today so far) – Euro +0.07%, Franc -0.04%, Yen -0.02%, GBP -0.24%

Strength meter (since last week) – Euro +0.89%, Franc -0.20%, Yen +0.10%, GBP +0.54%

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 –

• Eurozone GDP grew by 0.6 percent in the fourth quarter, up 2.7 percent from a year ago.

Commentary –

• The euro started the week on a stronger footing as trade war prospect weighs on the dollar.  

GBP/USD –

Trading at 1.386

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 price index grew 1.8 percent for three months to February.

Commentary –

• The pound gave up earlier gains on domestic political trouble. Active call-  short term sell targeting 1.375 (target reached); extended to 1.354

USD/JPY –           

Trading at 105.6

Trend meter -

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

Support –

• Long term – 101, Medium term – 104.2, Short term – 106

Resistance –

• Long term – 112, Medium term – 110, Short term – 109

Economic release today –

• NIL

Commentary –

• The yen is the marginally higher this week due to lack of risk aversion. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.939

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 –

• FX reserve rose to 733 billion

Commentary –

• Franc is the worst performer this week.

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