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Currency snapshot (major pairs)

Dollar index trading at 93.46 (+0.38%)

Strength meter (today so far) – Euro -0.44%, Franc -0.45%, Yen -0.38%, GBP -0.60%

Strength meter (since last week) – +0.03%, Franc -0.26%, Yen -0.25%, GBP -0.37%

EUR/USD –

Trading at 1.176

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 –

  • Zew economic sentiment declined to 29.3 in August.

Commentary –

  • The euro consolidating ahead of Jackson Hole. Further downside correction likely.

GBP/USD –

Trading at 1.282

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 –

  • Public sector net borrowing declined to £0.76 billion.

Commentary –

  • The pound is struggling as it failed to clear key down trend line. Active call – Sell pound at 1.291 with target at 1.24

USD/JPY –           

Trading at 109.4

Trend meter –

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

Support –

  • Long term – 107, Medium term – 108.4, Short term – 109

Resistance –

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

Economic release today –

  • All industry activity index down 0.4 percent in June.

Commentary –

  • The yen is testing a key resistance around 109. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.967

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 –

  • Trade balance for July came at 3.51 billion.

Commentary –

  • Franc is down in line with all other currencies. Active call – sell pair targeting 0.92

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