Currency snapshot (major pairs)

Dollar index trading at 90.67 (+0.24%)

Strength meter (today so far) – Euro -0.27%, Franc -0.11%, Yen -0.05%, GBP +0.27%

Strength meter (since last week) – Euro +0.34%, Franc +0.07%, Yen +0.22%, GBP +0.26%

EUR/USD –

Trading at 1.223

Trend meter –

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

Support          

• Long term – 1.16, Medium term – 1.18, Short term – 1.2

Resistance –

• Long term – 1.25, Medium term – 1.235, Short term – 1.22 (broken)

Economic release today –

• NIL

Commentary –

• The euro is down today on reports of ECB’s cautious approach to rate hikes. Active call – Buy targeting 1.25

GBP/USD –

Trading at 1.376

Trend meter –

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

Support –

• Long term – 1.305, Medium term – 1.335, Short term – 1.35

Resistance –

• Long term – 1.42 Medium term – 1.405, Short term – 1.38 (broken)

Economic release today –

• RPI up 4.1 percent y/y in December.
• HPI up 5.1 percent y/y in December.
• PPI output up 3.3 percent y/y.
• CPI up 3 percent y/y in December.
• Core CPI up 2.5 percent y/y in December.

Commentary –

• The pound is down today on weaker inflation. Active call-  Buy targeting 1.44

USD/JPY –           

Trading at 110.7

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 –

• Machinery orders report for November will be published at 23:50 GMT.

Commentary –

• The yen is up on weaker dollar. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.964

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 –

• SNB chairman Jordon is set to speak at 17:00 GMT.

Commentary –

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

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