Currency snapshot (major pairs)

Dollar index trading at 99.28 (-0.31%).

Strength meter (today so far) - Euro +0.47%, Franc +0.23%, Yen -0.03%, GBP +0.46%

Strength meter (since last week) - Euro +0.47%, Franc +0.23%, Yen -0.03%, GBP +0.46%

EUR/USD -

Trading at 1.088

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 manufacturing PMI came at 52.3 for January.

Commentary -

• Euro is best performer today. Active Call - Buy Euro @1.06 and at dips targeting 1.155 area and stop loss at 1.05

GBP/USD -

Trading at 1.43

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 -

• UK manufacturing PMI came at 52.9 for January.
• Mortgage approvals rose 70,837.
• Consumer credit shrank to £1.169 billion from £1.476 billion.

Commentary -

• Pound rose initially but gave up gains heading into New York session. Active call - Buy Pound, targeting 1.485 and with stop at 1.406 area.

USD/JPY -                      

Trading at 121.2

Trend meter -

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

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 (broken)

Economic release today -

• Manufacturing PMI came at 52.3 in January.

Commentary -

• Yen is worst performer of the day. Active call - Sell Yen @119.5 with stop loss around 123.8 and target at 114 and 110.

USD/CHF -                                                                                         

Trading at 1.019

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 -

• SVME PMI dropped to 50 in January, from 52.1 in December.

Commentary -

• Franc gained as Dollar weakened. Active call - Sell USD/CHF @0.985 and at rallies - targeting 0.895 area and stop loss at 1.03 area.