Currency snapshot (major pairs)

Dollar index trading at 101.6 (+0.60%)

Strength meter (today so far) – Euro -0.70%, Franc -0.46%, Yen -0.97%, GBP -0.23%

Strength meter (since last week) – Euro -0.18%, Franc -0.59%, Yen -1.05%, GBP +0.50%

EUR/USD –

Trading at 1.056

Trend meter –

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

Support                      

• Long term – 1.01, Medium term – 1.032, Short term – 1.054

Resistance –

• Long term – 1.13, Medium term – 1.11, Short term – 1.09

Economic release today –

• Markit manufacturing and services PMI came at 54.1 for November.

Commentary –

• The euro has started to weaken again. Testing key support level. Active call – Sell EUR/USD at 1.116 with stop loss at 1.15 and target at 1.01. stop loss revised to 1.13

GBP/USD –

Trading at 1.239

Trend meter –

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

Support –

• Long term – 1.16, Medium term – 1.2, Short term – 1.2

Resistance –

• Long term – 1.32, Medium term – 1.27, Short term – 1.27

Economic release today –

• UK government released autumn  budget statement

Commentary –

• The pound is the best performer among its peers today taking cues from the autumn budget statement. We expect the pound to reach parity.

USD/JPY –                      

Trading at 112

Trend meter –

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

Support –

• Long term – 91, Medium term – 98, Short term – 103

Resistance –

• Long term – 111 (BROKEN), Medium term – 111 (BROKEN), Short term – 111 (BROKEN)

Economic release today –

• NIL

Commentary –

• The yen cleared key 111 area and likely to extend its decline towards 115.

USD/CHF –        

Trading at 1.01

Trend meter –

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

Support –

• Long term – 0.9, Medium term – 0.927, Short term – 0.95

Resistance –

• Long term – 1.037, Medium term – 1.01, Short term – 0.995

Economic release today –

• NIL

Commentary –

• Franc is a much worse performer than the euro. Franc might decline to 1.08 per dollar.