Commodities snapshot (precious & industrial)

Dollar index trading at 95.88 (-0.06%)

Strength meter (today so far) – Euro +0.09%, Franc -0.07%, Yen -0.07%, GBP +0.26%

Strength meter (since last week) – Euro +0.44%, Franc -0.01%, Yen -0.41%, GBP +1.25%

EUR/USD –

Trading at 1.12

Trend meter –

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

Support

• Long term – 1.048, Medium term – 1.07, Short term – 1.108

Resistance –

• Long term – 1.15, Medium term – 1.137, Short term – 1.137

Economic release today –

• Private loans rose by 1.6% in February.
• Money supply up 5% from a year ago.

Commentary –

• Euro is consolidating around 1.12 area, up move further likely. Our longer term target for Euro to reach as high as 1.20 against Dollar. However in the short run it might find resistance around 1.143 area.

GBP/USD –

Trading at 1.429

Trend meter –

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

Support –

• Long term – 1.35, Medium term – 1.38, Short term – 1.406          

Resistance –

• Long term – 1.463, Medium term – 1.45, Short term – 1.43

Economic release today –

• NIL

Commentary –

• Pound is best performer today and this week. We still expects pound to grow stronger going ahead. Likely to gain towards 1.5 area.

USD/JPY –                      

Trading at 113.5

Trend meter –

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

Support –

• Long term – 98.5, Medium term – 108, Short term – 110

Resistance –

• Long term – 121, Medium term – 117, Short term – 115

Economic release today –

• Industrial production for February will be released at 23:50 GMT.

Commentary –

• Yen is worst performer today and this week. Active call – Buy Yen @119.5 with stop loss around 123.8 and target at 114 and 110, 108.9 and 98.5

USD/CHF –                                                                                         

Trading at 0.974

Trend meter –

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

Support –

• Long term – 0.905, Medium term – 0.945, Short term – 0.96

Resistance –

• Long term – 1.174, Medium term – 1.07, Short term – 1.035

Economic release today –

• NIL

Commentary –

• Franc is taking broad cue from Dollar and Euro’s move. We expect Franc to strengthen against Dollar to as high as 0.9 area.