Currency snapshot (major pairs)

Dollar index trading at 102.95 (-0.29%)

Strength meter (today so far) – Euro +0.28%, Franc +0.29%, Yen +0.46%, GBP +0.02%

Strength meter (since last week) – Euro -0.29%, Franc +0.03%, Yen +0.25%, GBP -0.96%

EUR/USD –

Trading at 1.042

Trend meter –

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

Support                      

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

Resistance –

• Long term – 1.11, Medium term – 1.087, Short term – 1.067

Economic release today –

• Eurozone consumer confidence report for December will be released at 15:00 GMT.

Commentary –

• The euro gained on the dollar weakness. Italian banks’ weigh on single currency. 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 1.237

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 –

• Public sector net borrowing reached £12.21 billion in November.

Commentary –

• The selloffs in pound likely to extend towards $1.21 in the short run. We expect the pound to reach parity.

USD/JPY –                      

Trading at 117.3

Trend meter –

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

Support –

• Long term – 98, Medium term – 105, Short term – 112

Resistance –

• Long term – 121, Medium term – 120, Short term – 119

Economic release today –

• NIL

Commentary –

• The yen is the best performer of the day and the week.

USD/CHF –        

Trading at 1.026

Trend meter –

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

Support –

• Long term – 0.95, Medium term – 0.95, Short term – 1

Resistance –

• Long term – 1.08, Medium term – 1.037, Short term – 1.037

Economic release today –

• NIL

Commentary –

• Franc is still testing the last bottom around 1.03 area, marginally higher against the dollar this week. Franc might decline to 1.08 per dollar. Target extended o 1.14