Currency snapshot (major pairs)

Dollar index trading at 88.8 (+0.20%)

Strength meter (today so far) – Euro -0.25%, Franc -0.26%, Yen -0.13%, GBP -0.46%

Strength meter (since last week) – Euro +1.84%, Franc +1.43%, Yen +2.38%, GBP +1.58%

EUR/USD –

Trading at 1.247

Trend meter –

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

Support          

• Long term – 1.18, Medium term – 1.2, Short term – 1.22

Resistance –

• Long term – 1.25, Medium term – 1.25, Short term – 1.25

Economic release today –

• NIL

Commentary –

• The euro is up this week as dollar selloff continues. Active call – target  reached1.25

GBP/USD –

Trading at 1.404

Trend meter –

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

Support –

• Long term – 1.35, Medium term – 1.385, Short term – 1.385

Resistance –

• Long term – 1.50 Medium term – 1.485, Short term – 1.435

Economic release today –

• Retail sales rose 0.1 percent in January, up 1.6 percent from a year ago.

Commentary –

• The pound is up in line with other currencies. Active call-  short term sell targeting 1.375

USD/JPY –           

Trading at 106.2

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 – 112, Short term – 110

Economic release today –

• NIL

Commentary –

• The yen is the best performer of the week on risk aversion. Active call – Buy yen targeting 101

USD/CHF –                  

Trading at 0.925

Trend meter –

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

Support –

• Long term – 0.90, Medium term – 0.92, Short term – 0.92

Resistance –

• Long term – 1.03, Medium term – 0.98, Short term – 0.95

Economic release today –

• NIL

Commentary –

• Franc is a worse performer than the euro this week.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest