Currency snapshot (major pairs)

Dollar index trading at 101.77 (+0.10%)

Strength meter (today so far) – Euro -0.09%, Franc -0.25%, Yen -0.02%, GBP -0.37%

Strength meter (since last week) – Euro -0.45%, Franc -0.94%, Yen +0.06%, GBP -0.79%

EUR/USD –

Trading at 1.057

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 – 1.09, Medium term – 1.07, Short term – 1.07

Economic release today –

• GDP rose by 0.4 percent in the fourth quarter, up 1.7 percent from a year ago.

Commentary –

• The euro consolidation is likely to continue unless the election uncertainties settle in the United States.

GBP/USD –

Trading at 1.219

Trend meter –

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

Support –

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

Resistance –

• Long term – 1.32, Medium term – 1.27, Short term – 1.25

Economic release today –

• BRC like for like retail sales declined by 0.4 percent in February.
• Halifaxc house prices rose by 0.1 percent in February, up 5.1 percent from a year ago.

Commentary –

• The pound is down ahead of tomorrow’s budget. We expect the pound to reach parity in the longer run.

USD/JPY –                      

Trading at 113.9

Trend meter –

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

Support –

• Long term – 107, Medium term – 109, Short term – 112

Resistance –

• Long term – 121, Medium term – 119, Short term – 115

Economic release today –

• First quarter GDP numbers will be released at 23:50 GMT, along with trade balance for January.

Commentary –

• The yen is the best performer of the week but scaled backs some of its gains.

USD/CHF –        

Trading at 1.015

Trend meter –

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

Support –

• Long term – 0.95, Medium term – 0.95, Short term – 0.98

Resistance –

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

Economic release today –

• NIL

Commentary –

• Franc is worse performer than the euro this week.  Active call -Franc might decline to 1.08 per dollar. Target extended to 1.14