Currency snapshot (major pairs)

Dollar index trading at 97.6 (-1.2%).

Strength meter (today so far) - Euro +1.24%, Franc +1.20%, Yen +1.70%, GBP +1.14%

Strength meter (since last week) - Euro +0.87%, Franc +0.25%, Yen +0.46%, GBP +1.03%

EUR/USD -

Trading at 1.107

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 - 1.125, Short term - 1.11

Economic release today -

• Services PMI came at 53.6 for January.
• Retail sales rose 1.4% y/y in December.

Commentary -

• Euro broke above 1.1 mark, next target is around 1.125 area. Active Call - Buy Euro @1.06 and at dips targeting 1.155 area and stop loss at 1.05

GBP/USD -

Trading at 1.458

Trend meter -

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

Support -

• Long term - 1.425, Medium term - 1.42, Short term - 1.42

Resistance -

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

Economic release today -

• UK construction PMI came at 55 for January.

Commentary -

• Pound rose sharply as traders' pair up shorts and services PMI provided support. Active call - Buy Pound @1.43, targeting 1.485 and with stop at 1.406 area.

USD/JPY -                      

Trading at 117.7

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 - 120.5

Economic release today -

• NIL

Commentary -

• Yen is best performer today, riding on weak Dollar and equities. Active call - Sell Yen @119.5 with stop loss around 123.8 and target at 114 and 110.

USD/CHF -                                                                                         

Trading at 1.006

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 -

• NIL

Commentary -

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