Currency snapshot (major pairs)

Dollar index trading at 89.8 (+0.14%)

Strength meter (today so far) – Euro -0.27%, Franc -0.31%, Yen +0.03%, GBP -0.04%

Strength meter (since last week) – Euro +0.46%, Franc +0.41%, Yen +0.29%, GBP +0.91%

EUR/USD –

Trading at 1.236

Trend meter –

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

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 –

• Industrial production declined 1 percent in January, up 2.7 percent from a year ago.
• In the fourth quarter, employment changed by 0.3 percent, up 1.6 percent from a year ago.

Commentary –

• The euro started the week on a positive note, after selloffs last week. Up on a weaker dollar and as German election uncertainty ends.

GBP/USD –

Trading at 1.397

Trend meter –

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

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 –

• NIL

Commentary –

• The pound is the best performer the week. Active call-  short term sell targeting 1.375 (target reached); extended to 1.354

USD/JPY –           

Trading at 106.5

Trend meter -

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

Support –

• Long term – 101, Medium term – 104.2, Short term – 106 (testing)

Resistance –

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

Economic release today –

• NIL

Commentary –

• The yen recovered from earlier loss as equities slide. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.947

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 (testing)

Economic release today –

• NIL

Commentary –

• Franc is up in line with the euro.

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