Currency snapshot (major pairs)

Dollar index trading at 90.21 (-0.27%)

Strength meter (today so far) – Euro +0.21%, Franc +0.24%, Yen -0.05%, GBP +0.40%

Strength meter (since last week) – Euro -0.31%, Franc -0.55%, Yen +0.18%, GBP +0.26%

EUR/USD –

Trading at 1.227

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 –

• NIL

Commentary –

• The euro is up today on weaker NFP report but down this week as dollar rebounds with strength.

GBP/USD –

Trading at 1.406

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 of the week. Active call-  short term sell targeting 1.375 (target reached); extended to 1.354

USD/JPY –           

Trading at 107.1

Trend meter -

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

Support –

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

Resistance –

• Long term – 111, Medium term – 109, Short term – 107

Economic release today –

• Labor cash earnings up 1.3 percent y/y in February.

Commentary –

• The yen gave up earlier gains and now the worst performer of the week as risk aversion fades. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.96

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 (broken)

Economic release today –

• Forex reserve rose to 738 billion.

Commentary –

• Franc is a much worse performer than the euro this week.

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