Currency snapshot (major pairs)

Dollar index trading at 102.99 (-0.17%)

Strength meter (today so far) – Euro +0.21%, Franc +0.07%, Yen +0.15%, GBP +0.21%

Strength meter (since last week) – Euro -0.60%, Franc -0.80%, Yen -0.58%, GBP -0.54%

EUR/USD –

Trading at 1.044

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 –

• Services PMi for December improved to 53.7

Commentary –

• The euro is finding support around 1.03 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 1.227

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 –

• Markit construction PMI rose to 54.2 in December

Commentary –

• The pound remains the best performer of the week but down against the dollar. We expect the pound to reach parity.

USD/JPY –                      

Trading at 117.5

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 –

• Nikkei manufacturing PMI rose to 52.4 in December.

Commentary –

• The yen is consolidating around key support at 119.

USD/CHF –        

Trading at 1.025

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 the worst performer of the week. Franc might decline to 1.08 per dollar. Target extended o 1.14