Currency snapshot (major pairs)

Dollar index trading at 89.57 (-0.14%)

Strength meter (today so far) – Euro +0.36%, Franc +0.05%, Yen +0.27%, GBP +0.11%

Strength meter (since last week) – Euro +0.36%, Franc +0.32%, Yen +0.29%, GBP +1.59%

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 –

• January current account balance came at €37.6 billion.

Commentary –

• The euro recovered from earlier loss and now up for the week so far.

GBP/USD –

Trading at 1.416

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 –

• Retail sales grew 1.5 percent y/y in February. Core retail sales up 1.1 percent y/y.
• BoE will announce interest rate decision at 12:00 GMT.

Commentary –

• The pound is the best performer of the week in the 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 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 –

• Inflation reports will be released at 23:30 GMT.

Commentary –

• The yen recovered from earlier loss thanks to a weaker dollar. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.948

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 up in line with the euro this week.

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