Currency snapshot (major pairs)

Dollar index trading at 101.33 (-0.27%)

Strength meter (today so far) – Euro +0.43%, Franc +0.16%, Yen -0.53%, GBP +0.53%

Strength meter (since last week) – Euro +0.43%, Franc +0.16%, Yen -0.53%, GBP +0.53%

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 –

• NIL

Commentary –

• The euro is higher today on broad based weakness in the dollar. Testing key support. 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 1.263

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 –

• Right move house prices down 2.1 percent in October, up 3.4 percent from a year ago.

Commentary –

• The Pound is the best performer against a weaker dollar. We expect the pound to reach parity.

USD/JPY –                      

Trading at 115.7

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 –

• Tertiary industry index grew 0.2 percent in October.
• Machine tools orders down 5.6 percent from a year ago.

Commentary –

• The yen is the worst performer of the day.

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 –

• Unemployment rate came at 3.3 percent in November.

Commentary –

• Franc is relatively worst performer than the euro. Franc might decline to 1.08 per dollar.