Currency snapshot (major pairs)

Dollar index trading at 94.71 (+0.14%)

Strength meter (today so far) – Euro +0.01%, Franc -0.08%, Yen +0.24%, GBP -0.74%

Strength meter (since last week) – Euro +0.07%, Franc -0.16%, Yen +1.35%, GBP -1.19%

EUR/USD –

Trading at 1.138

Trend meter –

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

Support

• Long term – 1.048, Medium term – 1.07, Short term – 1.108

Resistance –

• Long term – 1.15, Medium term – 1.147, Short term – 1.147

Economic release today –

• NIL

Commentary –

• Euro found support around 1.132 area and now pushing higher ahead of FOMC minutes. Our longer term target for Euro to reach as high as 1.20 against Dollar. However in the short run it might find resistance around 1.143 area.

GBP/USD –

Trading at 1.405

Trend meter –

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

Support –

• Long term – 1.35, Medium term – 1.38, Short term – 1.406          

Resistance –

• Long term – 1.463, Medium term – 1.45, Short term – 1.436

Economic release today –

• NIL

Commentary –

• We are withdrawing our bull call for GBP/USD as price broke below 1.406 support. Likely to drop further now.

USD/JPY –                      

Trading at 110.1

Trend meter –

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

Support –

• Long term – 98.5, Medium term – 108, Short term – 110

Resistance –

• Long term – 121, Medium term – 117, Short term – 115

Economic release today –

• Leading economic index dropped to 99.8 and coincident index dropped to 110.3

Commentary –

• Yen is best performer this week as now hovering around 110. Active call – Buy Yen @119.5 with stop loss around 123.8 and target at 114 and 110, 108.9 and 98.5

USD/CHF –                                                                                         

Trading at 0.957

Trend meter –

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

Support –

• Long term – 0.905, Medium term – 0.945, Short term – 0.95

Resistance –

• Long term – 1.174, Medium term – 1.07, Short term – 1.035

Economic release today –

• NIL

Commentary –

• Franc is testing key resistance against Dollar around 0.95 area. We expect Franc to strengthen against Dollar to as high as 0.9 area.