Currency snapshot (major pairs)

Dollar index trading at 96.59 (+0.04%)

Strength meter (today so far) – Euro +0.30%, Franc -0.16%, Yen -0.96%, GBP +0.57%

Strength meter (since last week) – Euro +0.30%, Franc -0.16%, Yen -0.96%, GBP +0.57%

EUR/USD –

Trading at 1.106

Trend meter –

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

Support

• Long term – 1.08, Medium term – 1.10, Short term – 1.10  

Resistance –

• Long term – 1.16, Medium term – 1.145, Short term – 1.12

Economic release today –

• NIL

Commentary –

• Euro is struggling at resistance around 1.115 area. Active call – Sell EUR/USD at 1.116 with stop loss at 1.15 and target at 1.01

GBP/USD –

Trading at 1.325

Trend meter –

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

Support –

• Long term – 1.2, Medium term – 1.25, Short term – 1.25 

Resistance –

• Long term – 1.5, Medium term – 1.38, Short term – 1.35

Economic release today –

• NIL

Commentary –

• Pound is best performer today as dollar slides after Friday’s big rise. We expect the pound to reach parity.

USD/JPY –                      

Trading at 105.6

Trend meter –

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

Support –

• Long term – 91, Medium term – 98, Short term – 100

Resistance –

• Long term – 111, Medium term – 107, Short term – 107

Economic release today –

• NIL

Commentary –

• Yen is worst performer of the day on speculation that BoJ will intervene in the market or release fresh stimulus. Active call – Buy Yen @119.5 with stop loss around 123.8 and target at 114 and 110, 108.9 and 98.5. All targets reached, new target 90 added. Yen may retrace to 111 per dollar if BOJ intervenes.

USD/CHF –        

Trading at 0.983

Trend meter –

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

Support –

• Long term – 0.9, Medium term – 0.927, Short term – 0.95

Resistance –

• Long term – 1.037, Medium term – 1.01, Short term – 0.994

Economic release today –

• NIL

Commentary –

• Franc is down today contrasting with Euro. We expect Franc to strengthen against Dollar to as high as 0.86 area in the medium term.