Currency snapshot (major pairs)

Dollar index trading at 96.48 (-0.24%)

Strength meter (today so far) – Euro +0.40%, Franc +0.14%, Yen +0.14%, GBP +0.25%

Strength meter (since last week) – Euro -0.16%, Franc -0.04%, Yen -0.02%, GBP -0.07%

EUR/USD –

Trading at 1.139

Trend meter –

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

Support          

• Long term – 1.10, Medium term – 1.12, Short term – 1.12

Resistance –

• Long term – 1.22, Medium term – 1.18, Short term – 1.15

Economic release today –

• June trade balance came at €22.5 billion.  

      Commentary –

• The euro is still the worst performer of the week, however, recovered from earlier loss. Active Call - Sell Euro at 1.218 with 1.17 as target; target revised lower to 1.095

GBP/USD –

Trading at 1.272

Trend meter –

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

Support –

• Long term – 1.10, Medium term – 1.17, Short term – 1.25

Resistance –

• Long term – 1.35 Medium term – 1.32, Short term – 1.305

Economic release today –

• Retail sales up 3.5 percent y/y in July.

Commentary –

• The pound remains under selling pressure amid a stronger dollar. Active call-  short term sell at 1.413 targeting 1.375 (target reached); extended to 1.354 (target reached); extended to 1.25

USD/JPY –           

Trading at 110.7

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 remains trapped in bull/bear fight amid risk aversion and a strong dollar.

USD/CHF –

Trading at 0.994

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 –

• NIL

Commentary –

• Franc is slightly performer than the euro this week amid safe haven bids but down against the dollar. Giving up the gains on euro as the risk aversion subsides.