Currency snapshot (major pairs)

Dollar index trading at 95.38 (+0.05%)

Strength meter (today so far) – Euro -0.11%, Franc -0.03%, Yen +0.40%, GBP -0.20%

Strength meter (since last week) – Euro -0.11%, Franc -0.03%, Yen +0.40%, GBP -0.20%

EUR/USD –

Trading at 1.121

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 – 1.2, Medium term – 1.17, Short term – 1.17

Economic release today –

• Markit services PMI came at 53.1 and manufacturing PMI came at 51.5

Commentary –

• Euro is flat for today. Our longer term target for Euro to reach as high as 1.20 against Dollar.

GBP/USD –

Trading at 1.447

Trend meter –

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

Support –

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

Resistance –

• Long term – 1.47, Medium term – 1.467, Short term – 1.467

Economic release today –

• NIL

Commentary –

• Pound is continuing its decline that started on Friday.

USD/JPY –                      

Trading at 109.5

Trend meter –

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

Support –

• Long term – 98.5, Medium term – 102.8, Short term – 105

Resistance –

• Long term – 121, Medium term – 115, Short term – 111.2

Economic release today –

• Nikkei manufacturing PMI declined to 47.6.
• All industry activity index rose by 0.1%
• Leading economic index declined to 93.3 and co-incident index rose to 111.1

Commentary –

• Yen is best performer today over risk aversion and less chance of further stimulus. Active call – Buy Yen @119.5 with stop loss around 123.8 and target at 114 and 110, 108.9 and 98.5 First three target reached, new target 90 added.

USD/CHF –                                                                                         

Trading at 0.99

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 is flat today. We expect Franc to strengthen against Dollar to as high as 0.9 area in the medium term.