Currency snapshot (major pairs)

Dollar index trading at 100.38 (-0.39%)

Strength meter (today so far) – Euro +0.32%, Franc +0.10%, Yen +0.81%, GBP +0.63%

Strength meter (since last week) – Euro +0.32%, Franc +0.10%, Yen +0.81%, GBP +0.63%

EUR/USD –

Trading at 1.073

Trend meter –

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

Support                      

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

Resistance –

• Long term – 1.11, Medium term – 1.087, Short term – 1.067

Economic release today –

• Flash consumer confidence numbers for January will be released at 15:00 GMT. ECB president Draghi is scheduled to speak at 23:30 GMT.

Commentary –

• Euro is gaining from the latest bout of weakness in 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 1.245

Trend meter –

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

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 –

• NIL

Commentary –

• The pound rose higher against our expectations due to the weakness in the dollar. We expect the pound to reach parity.

USD/JPY –                      

Trading at 113.6

Trend meter –

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

Support –

• Long term – 98, Medium term – 105, Short term – 112

Resistance –

• Long term – 121, Medium term – 120, Short term – 119

Economic release today –

• All industry activity index rose by 0.3 percent in November.
• Leading economic index declined to 102.8 in November, while Coincident index rose to 115.

Commentary –

• The yen is the best performer of the day. Recovered from BoJ induced selloffs. Active call- Sell USD/JPY targeting 110.

USD/CHF –        

Trading at 1

Trend meter –

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

Support –

• Long term – 0.95, Medium term – 0.95, Short term – 1

Resistance –

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

Economic release today –

• NIL

Commentary –

• Franc is marginally higher today, the pair likely to decline towards 0.98 area in the very near term. Active call -Franc might decline to 1.08 per dollar. Target extended to 1.14