Currency snapshot (major pairs)

Dollar index trading at 93.93 (+0.33%)

Strength meter (today so far) – Euro -0.54%, Franc -0.43%, Yen -0.18%, GBP -0.51%

Strength meter (since last week) – Euro -0.14%, Franc -0.99%, Yen -0.28%, GBP +0.24%

EUR/USD –

Trading at 1.175

Trend meter –

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

Support          

• Long term – 1.14, Medium term – 1.16, Short term – 1.175 (testing)

Resistance –

• Long term – 1.22, Medium term – 1.22, Short term – 1.22

Economic release today –

• ECB cuts bond buying to €30 billion but to continue until September.
• Private loans up 2.5 percent y/y.
• Money supply up 4.9 percent y/y.

Commentary –

• The euro is down as ECB’s tapering underwhelms. Active call – Sell targeting 1.14

GBP/USD –

Trading at 1.316

Trend meter –

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

Support –

• Long term – 1.28, Medium term – 1.295, Short term – 1.313 (testing)

Resistance –

• Long term – 1.38 Medium term – 1.36, Short term – 1.36

Economic release today –

• CBI industrial trade survey index down to -36 percent.

Commentary –

• The pound is the still best performer of the week but scaled back some of the gains.

USD/JPY –           

Trading at 113.9

Trend meter –

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

Support –

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

Resistance –

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

Economic release today –

• Inflation report will be released at 23:30 GMT.

Commentary –

• The yen is down this week as incumbent Prime Minister Shinzo Abe in for massive victory. But scaled back losses. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.993

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 (testing)

Economic release today –

• NIL

Commentary –

• Franc is the worst performer of the week. Active call – Buy pair targeting 1.02

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