Currency snapshot (major pairs)

Dollar index trading at 99.77 (+0.10%)

Strength meter (today so far) – Euro -0.26%, Franc -0.28%, Yen +0.29%, GBP +0.29%

Strength meter (since last week) – Euro +0.00%, Franc -0.40%, Yen +0.30%, GBP -0.11%

EUR/USD –

Trading at 1.079

Trend meter –

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

Support          

• Long term – 1.032, Medium term – 1.05, Short term – 1.06

Resistance –

• Long term – 1.09, Medium term – 1.085, Short term – 1.085

Economic release today –

• NIL

Commentary –

• The euro gave up all their gains for the week as the dollar rebounded on a hawkish outlook from the Fed vice-chair Stanley Fischer.

GBP/USD –

Trading at 1.245

Trend meter –

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

• Consumer credit for February came at £1.441 billion.
• Mortgage approvals for February came at 68,315.
• M4 money supply grew by 5.7 percent y/y.

Commentary –

• The pound retraced gains as the Article 50 is officially triggered. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 110.9

Trend meter –

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

Support –

• Long term – 107, Medium term – 109, Short term – 109

Resistance –

• Long term – 121, Medium term – 119, Short term – 115

Economic release today –

• NIL

Commentary –

• The yen is the only currency still positive against the dollar this week.

USD/CHF –        

Trading at 0.995

Trend meter –

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

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 –

• UBS consumption indicator for February improves to 1.50
• Zew survey expectations for March improves to 29.6

Commentary –

• Franc is the worst performer of the day.  Active call -Franc might decline to 1.08 per dollar. Target extended to 1.14