Currency snapshot (major pairs)

Dollar index trading at 101.18 (-0.34%)

Strength meter (today so far) – Euro +0.33%, Franc +0.34%, Yen +0.33%, GBP +1.07%

Strength meter (since last week) – Euro +0.33%, Franc -0.05%, Yen -1.01%, GBP +1.42%

EUR/USD –

Trading at 1.062

Trend meter –

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

Support                      

• Long term – 1.01, Medium term – 1.032, Short term – 1.054

Resistance –

• Long term – 1.13, Medium term – 1.11, Short term – 1.09

Economic release today –

• Eurozone manufacturing PMI came at 53.7 in November.
• Unemployment rate declined to 9.8 percent in October.

Commentary –

• The euro gave up some of the gains but still positive on the dollar. Active call – Sell EUR/USD at 1.116 with stop loss at 1.15 and target at 1.01. stop loss revised to 1.13

GBP/USD –

Trading at 1.265

Trend meter –

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

Support –

• Long term – 1.16, Medium term – 1.2, Short term – 1.2

Resistance –

• Long term – 1.32, Medium term – 1.27, Short term – 1.27

Economic release today –

• Manufacturing PMI came at 53.4 in November.

Commentary –

• The pound is the best performer of the week, up on inflation expectations. We expect the pound to reach parity.

USD/JPY –                      

Trading at 114.3

Trend meter –

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

Support –

• Long term – 91, Medium term – 98, Short term – 105

Resistance –

• Long term – 119, Medium term – 115, Short term – 115

Economic release today –

• Nikkei manufacturing PMI for November came at 51.3 for November.

Commentary –

• The yen is the worst performer of the week as risk aversion subsides further after OPEC deal.

USD/CHF –        

Trading at 1.013

Trend meter –

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

Support –

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

Resistance –

• Long term – 1.08, Medium term – 1.037, Short term – 1.037

Economic release today –

• PMI came at 56.6 in November.

Commentary –

• Franc is a relatively worse performer than the euro. Franc might decline to 1.08 per dollar.