Currency snapshot (major pairs)

Dollar index trading at 100.85 (+0.03%)

Strength meter (today so far) – Euro +0.04%, Franc -0.25%, Yen -0.57%, GBP +0.32%

Strength meter (since last week) – Euro +0.04%, Franc -0.25%, Yen -0.57%, GBP +0.32%

EUR/USD –

Trading at 1.062

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 – 1.084, Short term – 1.084

Economic release today –

• NIL

Commentary –

• The euro is treading waters around 1.06, waiting for further cues from Trump’s tax proposals.

GBP/USD –

Trading at 1.245

Trend meter –

• Long term – Sell, Medium term – Sell, Short term – range/buy

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 price index is up 2 percent in January, up 2.3 percent from a year ago.
• CBI industrial survey report will be published at 11:00 GMT.
• Eurozone finance ministers are set to meet in Brussels today over Greek bailout.

Commentary –

• The pound is the best performer of the day but is under pressure due to recent weakness in the economic figures. We expect the pound to reach parity in the longer run.

USD/JPY –                      

Trading at 113.1

Trend meter –

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

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 worst performer of the day as risk aversion fades with the rise in equity prices.

USD/CHF –        

Trading at 1.003

Trend meter –

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

Support –

• Long term – 0.95, Medium term – 0.95, Short term – 0.98

Resistance –

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

Economic release today –

• NIL

Commentary –

• Franc is down today, contrasting with the euro.  Active call -Franc might decline to 1.08 per dollar. Target extended to 1.14