Currency snapshot (major pairs)

Dollar index trading at 101.06 (-0.21%)

Strength meter (today so far) – Euro +0.21%, Franc -0.21%, Yen -0.26%, GBP -0.36%

Strength meter (since last week) – Euro +0.21%, Franc -0.21%, Yen -0.26%, GBP -0.36%

EUR/USD –

Trading at 1.058

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 –

• Private loans rose 2.2 percent y/y in January.
• M3 money supply rose 5 percent in January from a year ago.
• Services sentiment for February came at 13.8
• Consumer confidence for February came at -6.2
• Industrial confidence for February came at 1.3, an increase from 0.8
• Business climate rose to 0.82 in February.
• Economic sentiment marginally declined to 108.

Commentary –

• The euro is the only major positive against the dollar today.

GBP/USD –

Trading at 1.241

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 –

• NIL

Commentary –

• The pound is the worst performer of the day as Scoxit fear weighs. We expect the pound to reach parity in the longer run.

USD/JPY –                      

Trading at 112.2

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 – 119, Short term – 115

Economic release today –

• Flash industrial production for February will be reported at 23:50 GMT, along with retail sales report for January.

Commentary –

• The yen is down to start off the week.

USD/CHF –        

Trading at 1.007

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