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Currency snapshot (major pairs)

Dollar index trading at 90.16 (-0.29%)

Strength meter (today so far) – Euro +0.26%, Franc +0.24%, Yen +0.17%, GBP +0.45%

Strength meter (since last week) – Euro -0.05%, Franc -0.25%, Yen -0.29%, GBP +1.00%

EUR/USD –

Trading at 1.228

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 –

  • NIL

Commentary –

  • The euro is down against the dollar heading to FOMC meeting.

GBP/USD –

Trading at 1.407

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 –

  • Unemployment rate for January declined from 4.4 percent to 4.3 percent.
  • Average earnings grew by 2.6 percent excluding bonus and by 2.8 percent including it.

Commentary –

  • The pound is the best performer of the week on hope of an agreement with EU and as unemployment report was better than anticipated. Active call-  short-term sell targeting 1.375 (target reached); extended to 1.354

USD/JPY –           

Trading at 106.3

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 is down this week over a stronger dollar and as equities recover. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.953

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 –

  • SNB will release quarterly bulletin at 14:00 GMT.

Commentary –

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

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