Currency snapshot (major pairs)

Dollar index trading at 91 (-0.27%)

Strength meter (today so far) – Euro +0.14%, Franc -0.09%, Yen +0.20%, GBP +0.36%

Strength meter (since last week) – Euro -0.80%, Franc -0.96%, Yen -1.40%, GBP -0.05%

EUR/USD –

Trading at 1.218

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 –

• ECB kept interest rates unchanged at today’s monetary policy.

Commentary –

• The euro declining sharply as dollar recovers riding on higher interest rates.

GBP/USD –

Trading at 1.398

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 –

• BBA mortgage approvals at 37,567 in March.

Commentary –

• The pound is the best performer so far but still down against the dollar. Active call-  short term sell targeting 1.375 (target reached); extended to 1.354

USD/JPY –           

Trading at 109.1

Trend meter -

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

Support –

• Long term – 101, Medium term – 104.2, Short term – 106.2

Resistance –

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

Economic release today –

• Japan will release inflation and unemployment reports at 23:30 GMT.
• Industrial production and retail sales report will be released at 23:50 GMT.

Commentary –

• The yen is the worst performer of the week. Extending loss while other pairs trimmed. Active call – Buy yen targeting 101

USD/CHF –                                   

Trading at 0.984

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 – 0.98

Economic release today –

• NIL

Commentary –

• Franc is down in line with the euro this week.

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