Currency snapshot (major pairs)

Dollar index trading at 102.97 (-0.08%)

Strength meter (today so far) – Euro +0.07%, Franc +0.06%, Yen -0.18%, GBP -0.21%

Strength meter (since last week) – Euro -0.15%, Franc -0.01%, Yen -0.24%, GBP -1.29%

EUR/USD –

Trading at 1.043

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 –

• NIL

Commentary –

• The euro is up on the dollar weakness. 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 1.232

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 –

• GFK consumer confidence marginally improved to -7 in December from -8 in the previous month.

Commentary –

• The selloffs in pound likely to extend towards $1.21 in the short run. By far the worst performer this week. We expect the pound to reach parity.

USD/JPY –                      

Trading at 117.8

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 likely to slide further towards 120.

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, flat against the dollar this week. Franc might decline to 1.08 per dollar. Target extended o 1.14