Currency snapshot (major pairs)

Dollar index trading at 92.95 (+0.11%)

Strength meter (today so far) – Euro -0.09%, Franc +0.25%, Yen -0.11%, GBP +0.19%

Strength meter (since last week) – Euro +0.55%, Franc +0.21%, Yen +0.10%, GBP +0.76%

EUR/USD –

Trading at 1.181

Trend meter –

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

Support          

• Long term – 1.11, Medium term – 1.125, Short term – 1.14

Resistance –

• Long term – 1.20, Medium term – 1.18, Short term – 1.18

Economic release today –

• Markit manufacturing PMI marginally declines to 56.6 in July.
• Second quarter GDP grew by 0.6 percent, up 2.1 percent from a year ago.

Commentary –

• The euro rose further as the turmoil in White House pushes the dollar lower. Active Call: Buy euro targeting 1.19

GBP/USD –

Trading at 1.322

Trend meter –

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

Support –

• Long term – 1.26, Medium term – 1.275, Short term – 1.293

Resistance –

• Long term – 1.345, Medium term – 1.32, Short term – 1.32

Economic release today –

• Nationwide house price index is up 0.3 percent in July, up 2.9 percent from a year ago.
• Markit manufacturing PMI improves to 55.1 in July.

Commentary –

• The pound is up on weaker dollar.

USD/JPY –           

Trading at 110.5

Trend meter –

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

Support –

• Long term – 107, Medium term – 108.4, Short term – 110

Resistance –

• Long term – 116, Medium term – 114.2, Short term – 114.2

Economic release today –

• Nikkei manufacturing PMI marginally declines to 52.1 in July.

Commentary –

• The yen is heading for a test of resistance around 110.

USD/CHF –

Trading at 0.965

Trend meter –

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

Support –

• Long term – 0.90, Medium term – 0.92, Short term – 0.95

Resistance –

• Long term – 1.04, Medium term – 1.01, Short term – 0.987

Economic release today –

• NIL

Commentary –

• Franc remains a much weaker performer compared to the euro. Active call – sell pair targeting 0.92

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