Currency snapshot (major pairs)

Dollar index trading at 101.6 (+0.53%)

Strength meter (today so far) – Euro -0.56%, Franc -0.24%, Yen -0.70%, GBP -0.03%

Strength meter (since last week) – Euro -0.84%, Franc -0.93%, Yen -1.31%, GBP -1.11%

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 continuing its decline over ECB’s decision to ease further. 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 1.259

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 –

• Consumer inflation expectations rose to 2.8 percent
• Trade balance for October came at £1.971 billion.

Commentary –

• The Pound is down on weaker dollar. We expect the pound to reach parity.

USD/JPY –                      

Trading at 114.8

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 –

• NIL

Commentary –

• The yen briefly drifted above 115 per dollar. Further decline likely.

USD/CHF –        

Trading at 1.018

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 –

• Unemployment rate came at 3.3 percent in November.

Commentary –

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