Currency snapshot (major pairs)

Dollar index trading at 94.61 (-0.12%)

Strength meter (today so far) – Euro -0.01%, Franc +0.02%, Yen +0.04%, GBP +0.30%

Strength meter (since last week) – Euro +0.43%, Franc -0.21%, Yen -0.32%, GBP -0.25%

EUR/USD –

Trading at 1.165

Trend meter –

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

Support          

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

Resistance –

• Long term – 1.22, Medium term – 1.22, Short term – 1.2

Economic release today –

• NIL

Commentary –

• The euro is recovering after big selloff last week, it is the best performer among peers. Active call – Sell targeting 1.14

GBP/USD –

Trading at 1.309

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 –

• Markit services PMI rose to 55.6

Commentary –

• The pound declined sharply as dovish statement followed 25 basis points rate hike from BoE yesterday. Better than expected PMI report is providing some support.

USD/JPY –           

Trading at 114

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 –

• NIL

Commentary –

• The yen is the worst performer of the week as equities continue record run. Active call – Buy yen targeting 101

USD/CHF –

Trading at 1.00

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 much worse performer compared to the euro this week and reached our interim target at parity. Active call – Buy pair targeting 1.02

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