Currency snapshot (major pairs)

Dollar index trading at 94.48 (-0.14%)

Strength meter (today so far) – Euro +0.08%, Franc +0.05%, Yen +0.19%, GBP -0.03%

Strength meter (since last week) – Euro -0.20%, Franc -0.19%, Yen +0.27%, GBP +0.15%

EUR/USD –

Trading at 1.169

Trend meter –

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

Support          

• Long term – 1.12, Medium term – 1.145, Short term – 1.145

Resistance –

• Long term – 1.22, Medium term – 1.2, Short term – 1.18

Economic release today –

• Private loans up 2.9 percent y/y in June.
• M3 money supply up 4.4 percent y/y in June.

      Commentary –

• The euro is consolidating in a range of 350 pips since May. The focus is on this week’s ECB meeting on Thursday. Active Call - Sell Euro at 1.218 with 1.17 as target; target revised lower to 1.095

GBP/USD –

Trading at 1.314

Trend meter –

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

Support –

• Long term – 1.24, Medium term – 1.27, Short term – 1.3

Resistance –

• Long term – 1.37 Medium term – 1.35, Short term – 1.33

Economic release today –

• BBA mortgage approvals came at 40,541 in June.

Commentary –

• The pound is up since last week as it finds support around 1.3 area. Active call-  short term sell at 1.413 targeting 1.375 (target reached); extended to 1.354 (target reached); extended to 1.3

USD/JPY –           

Trading at 111.1

Trend meter -

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

Support –

• Long term – 104.2, Medium term – 106.2, Short term – 109.2

Resistance –

• Long term – 114, Medium term – 111, Short term – 111

Economic release today –

• NIL

Commentary –

• The yen is the best performer of the week on BoJ rate hike speculation.

USD/CHF –

Trading at 0.993

Trend meter –

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

Support –

• Long term – 0.90, Medium term – 0.92, Short term – 0.95

Resistance –

• Long term – 1.03, Medium term – 1.00, Short term – 1.00

Economic release today –

• Zew survey expectations index declined to -4 in July.

Commentary –

• Franc is down in line with the euro.