Currency snapshot (major pairs)

Dollar index trading at 101.76 (-0.06%)

Strength meter (today so far) – Euro +0.08%, Franc +0.06%, Yen -0.58%, GBP +0.10%

Strength meter (since last week) – Euro -0.33%, Franc -0.82%, Yen -2.18%, GBP +0.97%

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 –

• NIL

Commentary –

• The euro is 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 1.245

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 –

• BBA mortgage applications rose to 40,851 in October.

Commentary –

• The pound remains well supported fueled by the budget statement. We expect the pound to reach parity.

USD/JPY –                      

Trading at 113.2

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 – 119, Medium term – 115, Short term – 115

Economic release today –

• Nikkei manufacturing PMI declined to 51.1 in November.
• Tokyo and National CPI inflation will be reported at 23:30 GMT.
• Corporate service prices will be released at 23:50 GMT.

Commentary –

• The yen is weakening fast, worst performer of the week.

USD/CHF –        

Trading at 1.016

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 – 1.08, Medium term – 1.037, Short term – 1.037

Economic release today –

• Industrial production rose by 6.6 percent in the third quarter.

Commentary –

• Franc is up in line with the euro today. Franc might decline to 1.08 per dollar.