Currency snapshot (major pairs)

Dollar index trading at 94.44 (-0.17%)

Strength meter (today so far) – Euro +0.22%, Franc -0.22%, Yen +0.16%, GBP +0.53%

Strength meter (since last week) – Euro +0.22%, Franc -0.22%, Yen +0.16%, GBP +0.53%

EUR/USD –

Trading at 1.14

Trend meter –

• Long term – Buy, Medium term – Range/Buy, Short term – Buy

Support

• Long term – 1.048, Medium term – 1.07, Short term – 1.108

Resistance –

• Long term – 1.15, Medium term – 1.147, Short term – 1.147

Economic release today –

• Sentix investor confidence grew slightly to 5.7 from last month’s 5.5.
• Unemployment rate at 10.3% for February.
• Producer price index is down -4.2% in February from a year back.

Commentary –

• Euro is hovering around 1.14 area. Our longer term target for Euro to reach as high as 1.20 against Dollar. However in the short run it might find resistance around 1.143 area.

GBP/USD –

Trading at 1.429

Trend meter –

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

Support –

• Long term – 1.35, Medium term – 1.38, Short term – 1.406          

Resistance –

• Long term – 1.463, Medium term – 1.45, Short term – 1.43 (broken)

Economic release today –

• UK construction PMI came at 54.2, same as prior.

Commentary –

• Pound is the best performer today, clawing back last week’s loss. We expects pound to grow stronger going ahead. Likely to gain towards 1.5 area. However some profit bookings suggested around 1.467 area.

USD/JPY –                      

Trading at 112

Trend meter –

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

Support –

• Long term – 98.5, Medium term – 108, Short term – 110

Resistance –

• Long term – 121, Medium term – 117, Short term – 115

Economic release today –

• NIL

Commentary –

• Yen is testing key levels around 111. Active call – Buy Yen @119.5 with stop loss around 123.8 and target at 114 and 110, 108.9 and 98.5

USD/CHF –                                                                                         

Trading at 0.957

Trend meter –

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

Support –

• Long term – 0.905, Medium term – 0.945, Short term – 0.95

Resistance –

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

Economic release today –

• NIL

Commentary –

• Franc is worst performer today.  We expect Franc to strengthen against Dollar to as high as 0.9 area.