Currency snapshot (major pairs)

Dollar index trading at 89.95 (-0.19%)

Strength meter (today so far) – Euro +0.14%, Franc -0.13%, Yen +0.58%, GBP +0.20%

Strength meter (since last week) – Euro +0.20%, Franc +0.06%, Yen +1.02%, GBP +0.92%

EUR/USD –

Trading at 1.233

Trend meter –

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

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 –

• Labor cost up 1.5 percent in the fourth quarter.

Commentary –

• The euro remains positive this week, after selloffs last week. Up on a weaker dollar and as German election uncertainty ends.

GBP/USD –

Trading at 1.397

Trend meter –

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

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 –

• NIL

Commentary –

• The pound gave up some of the gains over geopolitical tensions with Russia. Active call-  short term sell targeting 1.375 (target reached); extended to 1.354

USD/JPY –           

Trading at 105.7

Trend meter -

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

Support –

• Long term – 101, Medium term – 104.2, Short term – 106 (testing)

Resistance –

• Long term – 112, Medium term – 110, Short term – 109

Economic release today –

• NIL

Commentary –

• The yen rose sharply and the best performer of the week as Governor Kuroda hinted at policy winding. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.95

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 (testing)

Economic release today –

• NIL

Commentary –

• Franc is up in line with the euro.

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