Currency snapshot (major pairs)

Dollar index trading at 101.32 (+0.16%)

Strength meter (today so far) – Euro -0.16%, Franc -0.25%, Yen -0.88%, GBP +0.62%

Strength meter (since last week) – Euro +0.00%, Franc -0.27%, Yen +0.43%, GBP -0.02%

EUR/USD –

Trading at 1.06

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 –

• Eurozone business climate declined 0.42 in November. Economic sentiment indicator declined to 106.5 in November. Industrial confidence declined to -1.1 in November. Services sentiment came at 12.1 same as prior. Consumer confidence declined to -6.1 in November.

Commentary –

• The euro is trying to form a base at key support around 1.06 area. 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 1.248

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 –

• Net lending amount to individual in October came at £4.9 billion. Consumer credit for October came at £1.62 billion.
• Mortgage approvals in October rose to 67,518.
• Money supply rose by 1.1 percent in October from September, up 6.4 percent from a year ago.

Commentary –

• The pound is the best performer of the day. We expect the pound to reach parity.

USD/JPY –                      

Trading at 112.6

Trend meter –

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

Support –

• Long term – 91, Medium term – 98, Short term – 105

Resistance –

• Long term – 119, Medium term – 115, Short term – 115

Economic release today –

• Industrial production data for October will be announced at 23:50 GMT.

Commentary –

• The yen lost composure as risk aversion subsided.

USD/CHF –        

Trading at 1.015

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 –

• Employment level in third quarter rose to 4.918 million.

Commentary –

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