Currency snapshot (major pairs)

Dollar index trading at 94.02 (+0.21%)

Strength meter (today so far) – Euro -0.32%, Franc -0.16%, Yen -0.19%, GBP +0.05%

Strength meter (since last week) – Euro -1.01%, Franc -1.29%, Yen -1.48%, GBP -1.02%

EUR/USD –

Trading at 1.175

Trend meter –

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

Support          

• Long term – 1.12, Medium term – 1.14, Short term – 1.16

Resistance –

• Long term – 1.22, Medium term – 1.19, Short term – 1.19

Economic release today –

• Flash report showed GDP up 2.2 percent y/y in Q2.

Commentary –

• The euro declines as the dollar recovers on better retail sales numbers and Dudley’s comments. Further downside correction likely.

GBP/USD –

Trading at 1.287

Trend meter –

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

Support –

• Long term – 1.26, Medium term – 1.275, Short term – 1.293

Resistance –

• Long term – 1.345, Medium term – 1.32, Short term – 1.32

Economic release today –

• The unemployment rate declined to 4.4 percent.
• Average earnings growth came at 2.1 percent both including and excluding bonus.  

Commentary –

• The pound is the best performer of the day on better than expected jobs report. Active call – Sell pound at 1.291 with target at 1.24

USD/JPY –           

Trading at 110.4

Trend meter –

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

Support –

• Long term – 107, Medium term – 108.4, Short term – 110

Resistance –

• Long term – 116, Medium term – 114.2, Short term – 114.2

Economic release today –

• July trade balance report will be released at 23:50 GMT.

Commentary –

• The yen lost grounds as North Korean tensions ease but is likely to gain further against the dollar. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.972

Trend meter –

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

Support –

• Long term – 0.90, Medium term – 0.92, Short term – 0.95

Resistance –

• Long term – 1.04, Medium term – 1.01, Short term – 0.987

Economic release today –

• NIL

Commentary –

• Franc is down in line with the euro. Active call – sell pair targeting 0.92

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest