Currency snapshot (major pairs)

Dollar index trading at 93.96 (-0.18%)

Strength meter (today so far) – Euro +0.07%, Franc +0.06%, Yen -0.00%, GBP +0.02%

Strength meter (since last week) – Euro +0.90%, Franc +0.47%, Yen -0.49%, GBP +1.36%

EUR/USD –

Trading at 1.138

Trend meter –

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

Support

• Long term – 1.08, Medium term – 1.115, Short term – 1.125   

Resistance –

• Long term – 1.17, Medium term – 1.153, Short term – 1.147

Economic release today –

• NIL

Commentary –

• Euro is trying to gain on weaker Dollar to break 1.143 resistance 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 1.439

Trend meter –

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

Support –

• Long term – 1.4, Medium term – 1.4, Short term – 1.427 

Resistance –

• Long term – 1.467, Medium term – 1.45, Short term – 1.45

Economic release today –

• UK unemployment rate at 5.1% in three months to February.
• Average Earnings rose 2.2% excluding bonus and 1.8% including it.

Commentary –

• Pound is best performer of the week. 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 109.2

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 – 115, Short term – 111.2

Economic release today –

• NIL

Commentary –

• Yen is worst performer of the week. 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 0.961

Trend meter –

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

Support –

• Long term – 0.905, Medium term – 0.927, Short term – 0.95

Resistance –

• Long term – 1.037, Medium term – 1.01, Short term – 0.98

Economic release today –

• NIL

Commentary –

• Franc needs to break 0.95 resistance for further gains. We expect Franc to strengthen against Dollar to as high as 0.9 area.