Currency snapshot (major pairs)

Dollar index trading at 98.6 (+0.55%).

Strength meter (today so far) - Euro -0.73%, Franc -0.50%, Yen +0.09%, GBP -0.04%

Strength meter (since last week) - Euro -1.35%, Franc -1.21%, Yen -0.70%, GBP -0.41%

EUR/USD -

Trading at 1.072

Trend meter -

• Long term - Sell, Medium term - Sell, Short term - Range/Buy support/Sell resistance

Support -

• Long term - 1.048-1.036, Medium term - 1.065-1.06, Short term - 1.077-1.075

Resistance -

• Long term - 1.1035-1.11, Medium term - 1.102-1.11, Short term - 1.102-1.105, Immediate - 1.084-1.086
 

Economic release today -

• German retail sales grew 3.6% YoY, fell 0.5% mom.
• German unemployment rate fell to record low at 6.4%
• French consumer spending rose 0.1% mom, producer prices rose 0.7%
• Spanish retail sales grew 2.7% YoY in February.
• Spanish current account moved to deficit of € -0.4 billion
• Unemployment rate for Euro zone stands at 11.3%
• Euro zone headline CPI fell 0.1% YoY, core grew 0.6% YoY

Commentary -

• Euro faced further downwards as uncertainty over Greece and larger bids for Dollar weighing on price.

GBP/USD -

Trading at 1.479

Trend meter -

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

Support -

• Long term - 1.425-1.417, Medium term - 1.462-1.455, Short term - 1.475-1.472

Resistance -

• Long term - 1.553-1.56, Medium term - 1.516-1.52, Short term - 1.498-1.502, Immediate - 1.49-1.493

Economic release today -

• Current account deficit narrowed to £-25.3billion from prior £-27.7 billion
• GDP rose by 3% in fourth quarter from a year ago. Growth was 0.6% QoQ.

Commentary -

• Pound is a better performer. Stronger GDP release keeping it favored among majors.

USD/JPY -

Trading at 119.9

Trend meter -

• Long term - Buy, Medium term - Range, Short term - Sell

Support -

• Long term - 113.7-112.9, Medium term - 115.7-115, Short term - 118.2-118

Resistance -

• Long term - 125, Medium term - 122, Short term - 122, Immediate - 119.8-120.3

Economic release today -

• Construction orders grew by mere 1% YoY in February with annualized housing starts at 0.905 million
• Vehicle production fell by -5.3% YoY in February
• Tankan manufacturing details to be released around 23:50 GMT

Commentary -

• Pair remains range bound, taking cues from broad based dollar strength.

USD/CHF -

Trading at 0.972

Trend meter -

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

Support -

• Long term - 0.88, Medium term - 0.937, Short term - 0.945

Resistance -

• Long term - 1.174, Medium term - 1.025-1.02, Short term - 0.997, Immediate - 0.972-0.98

Economic release today -

• NIL

Commentary -

• Franc continue to fade from recent strength, pair is showing good correlation with Euro so far this week.