Currency snapshot (major pairs)

Dollar index trading at 94.77 (-0.18%)

Strength meter (today so far) – Euro +0.20%, Franc -0.08%, Yen +0.39%, GBP +0.24%

Strength meter (since last week) – Euro -0.94%, Franc -1.64%, Yen -0.82%, GBP +0.35%

EUR/USD –

Trading at 1.129

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 –

• Trade balance for February came at €20.2 billion.

Commentary –

• Euro is up today, finding support around 1.123 area. Our longer term target for Euro to reach as high as 1.20 against Dollar. Euro may drop towards 1.12 area in the near term before buying re-begin.

GBP/USD –

Trading at 1.417

Trend meter –

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

Support –

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

Resistance –

• Long term – 1.463, Medium term – 1.45, Short term – 1.436

Economic release today –

• NIL

Commentary –

• Pound is struggling to gain ground today. We are withdrawing our bull call for GBP/USD as price broke below 1.406 support. Likely to drop further now. We expect Pound to reach as low as 1.32 area.

USD/JPY –                      

Trading at 108.9

Trend meter –

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

Support –

• Long term – 98.5, Medium term – 108 (testing), Short term – 108 (testing)

Resistance –

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

Economic release today –

• Industrial production in February down -1.2% y/y in February.

Commentary –

• Yen again back in focus today as Nikkei faltered. 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 0.967

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 failed to break below 0.95 area, in this run. We expect Franc to strengthen against Dollar to as high as 0.9 area.