Currency snapshot (major pairs)

Dollar index trading at 93.03 (-0.09%)

Strength meter (today so far) – Euro +0.20%, Franc +0.06%, Yen -0.10%, GBP +0.17%

Strength meter (since last week) – Euro +0.76%, Franc +0.66%, Yen +0.62%, GBP +0.95%

EUR/USD –

Trading at 1.187

Trend meter –

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

Support          

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

Resistance –

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

Economic release today –

• NIL

Commentary –

• The euro is under pressure this week as German coalition talks fail but recovered to positive territory as the dollar weakened after Fed minutes. Active call – Sell targeting 1.14

GBP/USD –

Trading at 1.333

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 –

• BBA mortgage approvals decline to 40,488 in October.

Commentary –

• The pound is the best performer of the week.

USD/JPY –           

Trading at 111.3

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 –

• Nikkei manufacturing PMI rose to 53.8 in November.

Commentary –

• The yen is covered earlier loss on weaker dollar, now, up for the week. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.981

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 – 1.00

Economic release today –

• Industrial production up 8.6 percent q/q in the third quarter, up 5.5 percent from a year ago.

Commentary –

• Franc is a marginally worse performer than the euro this week. Active call – Buy pair targeting 1.02

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