Currency snapshot (major pairs)

Dollar index trading at 94.02 (-0.17%)

Strength meter (today so far) – Euro +0.12%, Franc -0.25%, Yen -0.17%, GBP +0.82%

Strength meter (since last week) – Euro +0.12%, Franc -0.25%, Yen -0.17%, GBP +0.82%

EUR/USD –

Trading at 1.141

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 continues to hover around 1.14 area. 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 1.424

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 –

• Pound is best performer today, largely due to short covering. We are withdrawing our bull call for GBP/USD as price broke below 1.406 support. Likely to drop further now. We expect Pound to reach as low as 1.32 area.

USD/JPY –                      

Trading at 108.2

Trend meter –

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

Support –

• Long term – 98.5, Medium term – 108 (testing), Short term – 110 (broken)

Resistance –

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

Economic release today –

• NIL

Commentary –

• Yen is marginally down today, ending its six day winning streak. 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 0.954

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.