Currency snapshot (major pairs)

Dollar index trading at 98.69 (-0.56%).

Strength meter (today so far) - Euro +0.62%, Franc +0.55%, Yen +0.48%, GBP -0.22%

Strength meter (since last week) - Euro +0.01%, Franc -0.22%, Yen +1.81%, GBP -0.94%

EUR/USD -

Trading at 1.086

Trend meter -

• Long term - Sell, Medium term - Range/Buy, Short term - Range/Sell

Support

• Long term - 1.048, Medium term - 1.048, Short term - 1.06

Resistance -

• Long term - 1.145, Medium term - 1.104, Short term - 1.1

Economic release today -

• Euro Zone unemployment dropped to 10.5%, lowest since 2011.

Commentary -

• Euro recovered sharply due short squeeze on risk aversion. Active Call - Buy Euro @1.09 and at dips targeting 1.155 area and stop loss at 1.05

GBP/USD -

Trading at 1.459

Trend meter -

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

Support -

• Long term - 1.425, Medium term - 1.445, Short term - 1.445

Resistance -

• Long term - 1.52, Medium term - 1.5, Short term - 1.482

Economic release today -

• Halifax house prices rose 1.7% in December.

Commentary -

• Still no sign of buyers in Pound. Pound dropped to lowest in five years. Active call - Sell Pound @1.54 targeting 1.44 area with stop loss around 1.58 area.

USD/JPY -                      

Trading at 118

Trend meter -

• Long term - Sell, Medium term - Range/ Sell, Short term - Sell

Support -

• Long term - 115.5-116.5, Medium term - 116.5, Short term - 116.5

Resistance -

• Long term - 123.8, Medium term - 123.8, Short term - 119.5

Economic release today -

• NIL

Commentary -

• Yen continuing its gain as equities continue to sell off. Active call - Sell Yen @119.5 with stop loss around 123.8 and target at 114 and 110.

USD/CHF -                                                                                         

Trading at 1.002

Trend meter -

• Long term - Buy, Medium term - Range, Short term - Range/Sell

Support -

• Long term - 0.905, Medium term - 0.945, Short term - 1.01

Resistance -

• Long term - 1.174, Medium term - 1.07, Short term - 1.035

Economic release today -

• SNB FX reserve dropped by $3 billion to $560 billion.

Commentary -

• Franc is moving in line with Euro. Active call - Sell USD/CHF @0.985 and at rallies - targeting 0.895 area and stop loss at 1.03 area.