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Currency snapshot (major pairs)

Dollar index trading at 94.09 (+0.20%)

Strength meter (today so far) – Euro -0.09%, Franc +0.48%, Yen -0.13%, GBP -0.83%

Strength meter (since last week) – Euro +1.21%, Franc +1.34%, Yen -0.56%, GBP +0.80%

EUR/USD –

Trading at 1.176

Trend meter –

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

Support          

  • Long term – 1.10, Medium term – 1.12, Short term – 1.15

Resistance –

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

Economic release today –

  • Flash manufacturing PMI declined to 53.3 in September.
  • Services PMI rose to 54.7 in September.

      Commentary –

  • The euro is up this week as the dollar weakens against majors on rate hike speculation. Active Call - Sell Euro at 1.218 with 1.17 as target; target revised lower to 1.095; Euro might correct towards 1.22 area

GBP/USD –

Trading at 1.315

Trend meter –

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

Support –

  • Long term – 1.19, Medium term – 1.23, Short term – 1.285

Resistance –

  • Long term – 1.35 Medium term – 1.32, Short term – 1.32

Economic release today –

  • Public sector net borrowing to £5.89 billion.

Commentary –

  • The pound is still the best performer of the week on the possibility of a Brexit deal by November. However, May reportedly going to reject EU’s offering on Irish border. Active call-  short term sell at 1.413 targeting 1.375 (target reached); extended to 1.354 (target reached); extended to 1.25

USD/JPY –           

Trading at 112.6

Trend meter -

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

Support –

  • Long term – 104.2, Medium term – 106.2, Short term – 109.2

Resistance –

  • Long term – 116, Medium term – 114, Short term – 112

Economic release today –

  • Nikkei manufacturing PMI rose to 52.9 in September.

Commentary –

  • The yen remains trapped in bull/bear fight amid risk aversion and a strong dollar. The worst performer this week on lack of risk aversion despite a weaker dollar.  

USD/CHF –

Trading at 0.955

Trend meter –

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

Support –

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

Resistance –

  • Long term – 1.03, Medium term – 1.00, Short term – 1.00

Economic release today –

  • NIL

Commentary –

  • Franc is a much worse performer than the euro this week.

 

 

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