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Currency snapshot (major pairs)

Dollar index trading at 93.31 (-0.20%)

Strength meter (today so far) – Euro +0.26%, Franc +0.33%, Yen -0.52%, GBP -0.24%

Strength meter (since last week) – +0.29%, Franc -0.12%, Yen +0.01%, GBP -0.57%

EUR/USD –

Trading at 1.179

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 manufacturing PMI rose to 57.4 in August.
  • Services PMI declined to 54.9
  • Consumer confidence report will be released at 14:00 GMT.

Commentary –

  • The euro consolidating ahead of Jackson Hole. The best performer of the week so far. Further downside correction likely.

GBP/USD –

Trading at 1.279

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 –

  • NIL

Commentary –

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

USD/JPY –           

Trading at 109.1

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 –

  • Nikkei flash manufacturing PMI improves to 52.8 in August.

Commentary –

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

USD/CHF –

Trading at 0.965

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 a much worse performer than the euro. Active call – sell pair targeting 0.92

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