Currency snapshot (major pairs)

Dollar index trading at 100.11 (+0.18%)

Strength meter (today so far) – Euro -0.22%, Franc +0.01%, Yen +0.05%, GBP +0.15%

Strength meter (since last week) – Euro -0.46%, Franc -0.53%, Yen +0.01%, GBP -0.06%

EUR/USD –

Trading at 1.074

Trend meter –

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

Support          

• Long term – 1.032, Medium term – 1.05, Short term – 1.06

Resistance –

• Long term – 1.09, Medium term – 1.085, Short term – 1.085

Economic release today –

• Consumer confidence came at -5
• Services sentiment marginally declines to 12.7
• Economic sentiment for March declines to 107.9
• Business climate came at 0.82
• Industrial confidence declines to 1.2

Commentary –

• The euro is giving up its gains from past weeks over political concerns.

GBP/USD –

Trading at 1.246

Trend meter –

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

• GFK consumer confidence for March will be released at 23:00 GMT.

Commentary –

• The pound is treading water as the Brexit process begins. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 111.2

Trend meter –

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

Support –

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

Resistance –

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

Economic release today –

• Tokyo and National inflation report will be released at 23:30 GMT, along with unemployment report.
• Industrial production for February data will be published at 23:50 GMT.

Commentary –

• The yen is the only currency still positive against the dollar this week but only marginally.

USD/CHF –        

Trading at 0.996

Trend meter –

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

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 –

• KOF leading indicator for March improves to 107.6

Commentary –

• Franc is still the worst performer of the day.  Active call -Franc might decline to 1.08 per dollar. Target extended to 1.14