Currency snapshot (major pairs)

Dollar index trading at 93.26 (+0.07%)

Strength meter (today so far) – Euro +0.06%, Franc -0.01%, Yen +0.08%, GBP +0.28%

Strength meter (since last week) – Euro +0.06%, Franc -0.01%, Yen +0.08%, GBP +0.28%

EUR/USD –

Trading at 1.192

Trend meter –

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

Support          

• Long term – 1.12, Medium term – 1.14, Short term – 1.16

Resistance –

• Long term – 1.22, Medium term – 1.19, Short term – 1.19 (testing)

Economic release today –

• Private loans up 2.4 percent y/y in July
• Money supply declined to 4.5 percent y/y in July.

Commentary –

• The euro remains upbeat since Draghi’s speech in Jackson Hole.

GBP/USD –

Trading at 1.291

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 –

• NIL

Commentary –

• The pound is struggling as it failed to clear key down trend line. Active call – Sell pound at 1.291 with target at 1.24

USD/JPY –           

Trading at 109.2

Trend meter –

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

Support –

• Long term – 107, Medium term – 108.4, Short term – 109

Resistance –

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

Economic release today –

• Unemployment report and house hold consumption report will be released at 23:30 GMT.

Commentary –

• The yen is testing a key resistance around 109. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.954

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 –

• Employment level increased to 4.915 million in Q2.

Commentary –

• Franc is a much worse performer than the euro this week so far. Active call – sell pair targeting 0.92

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