Currency snapshot (major pairs)

Dollar index trading at 89.95 (+0.26%)

Strength meter (today so far) – Euro -0.25%, Franc -0.21%, Yen -0.17%, GBP -0.60%

Strength meter (since last week) – Euro -0.74%, Franc -1.50%, Yen -1.38%, GBP -0.74%

EUR/USD –

Trading at 1.23

Trend meter –

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

Support          

• Long term – 1.18, Medium term – 1.2, Short term – 1.22

Resistance –

• Long term – 1.25, Medium term – 1.25, Short term – 1.25

Economic release today –

• Flash reports showed manufacturing PMI declined to 58.5 in February.

Commentary –

• The euro is down this week as the dollar recovers. Active call – target  reached1.25

GBP/USD –

Trading at 1.391

Trend meter –

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

Support –

• Long term – 1.35, Medium term – 1.385, Short term – 1.385

Resistance –

• Long term – 1.50 Medium term – 1.485, Short term – 1.435

Economic release today –

• UK unemployment rate rose to 4.4 percent in December.
• Average earnings growth rose to 2.5 percent both including and excluding bonus.
• BoE members including Governor Carney is set to speak at inflation hearing at 14:15 GMT.

Commentary –

• The pound is down as the dollar strengthens. Active call-  short-term sell targeting 1.375

USD/JPY –           

Trading at 107.6

Trend meter -

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

Support –

• Long term – 101, Medium term – 104.2, Short term – 106

Resistance –

• Long term – 112, Medium term – 110, Short term – 109

Economic release today –

• All industry activity index up 0.5 percent in December.

Commentary –

• The yen is down this week as equities recover after the selloff. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.938

Trend meter –

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

Support –

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

Resistance –

• Long term – 1.03, Medium term – 0.98, Short term – 0.95

Economic release today –

• NIL

Commentary –

• Franc is the worst performer of the week.

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