Currency snapshot (major pairs)

Dollar index trading at 92.44 (-0.31%)

Strength meter (today so far) – Euro +0.38%, Franc +0.45%, Yen +0.21%, GBP +0.42%

Strength meter (since last week) – Euro +0.00%, Franc +0.11%, Yen -0.11%, GBP +0.36%

EUR/USD –

Trading at 1.196

Trend meter –

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

Support          

• Long term – 1.16, Medium term – 1.18, Short term – 1.18

Resistance –

• Long term – 1.27, Medium term – 1.25, Short term – 1.22

Economic release today –

• NIL

Commentary –

• The euro recovered all the losses as U.S. inflation disappoints. Active Call - Sell Euro at 1.218 with 1.17 as target

GBP/USD –

Trading at 1.358

Trend meter –

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

Support –

• Long term – 1.35, Medium term – 1.365, Short term – 1.365 (testing)

Resistance –

• Long term – 1.50 Medium term – 1.485, Short term – 1.435

Economic release today –

• NIL

Commentary –

• The pound is declining steadily as BoE governor Carney signaled slower pace of hikes and as GDP number disappointed and as strong dollar weighs. However, the best performer of the week as the dollar sags after disappointing inflation numbers. Active call-  short term sell targeting 1.375 (target reached); extended to 1.354 (target reached)

USD/JPY –           

Trading at 109.2

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 (testing)

Economic release today –

• NIL

Commentary –

• The yen recovered some grounds as the dollar weakens but still down for the week due to lack of risk aversion. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.998

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 – 1.00, Short term – 1.00

Economic release today –

• NIL

Commentary –

• Franc is a slightly better performer than the euro this week.

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