Currency snapshot (major pairs)

Dollar index trading at 94.8 (-0.4%).

Strength meter (today so far) - Euro -0.08%, Franc +0.06%, Yen +1.26%, GBP +0.81%

Strength meter (since last week) - Euro +1.58%, Franc +1.10%, Yen +2.29%, GBP +1.70%

EUR/USD -

Trading at 1.128

Trend meter -

• Long term - Sell, Medium term - Range, Short term - Range/Buy support

Support -

• Long term - 1.048-1.036, Medium term - 1.065-1.06, Short term - 1.106

Resistance -

• Long term - 1.175-1.18, Medium term - 1.155-1.16, Short term - 1.14-1.145, Immediate - 1.135-1.138

Economic release today -

• NIL

Commentary -

• Euro is facing tough resistance around 1.138-1.14 area. Tested it and failed again today. Rising yields provides support to Euro.

GBP/USD -

Trading at 1.551

Trend meter -

• Long term - Buy, Medium term - Range, Short term - Range

Support -

• Long term - 1.425-1.417, Medium term - 1.497-1.49, Short term - 1.518-1.512, Immediate - 1.525-1.528

Resistance -

• Long term - 1.592-1.616, Medium term - 1.58-1.586, Short term - 1.566-1.57, Immediate - 1.542-1.545(broken)

Economic release today -

• Industrial production grew by 1.2% y/y while manufacturing production grew by 0.2%.
• NISER GDP estimate came at 0.6% compared to 0.5% prior.
• BOE Governor Mark Carney is scheduled to speak today at 20:00 GMT.

Commentary -

• Pound is one of the top performer today has broken above the resistance, momentum suggests further rise is possible.

USD/JPY -                      

Trading at 122.8

Trend meter -

• Long term - Buy, Medium term - Range/Buy, Short term - Range/Buy

Support -

• Long term - 113.7-112.9, Medium term - 115.7-115, Short term - 119, Immediate - 123.6 (broken)

Resistance -

• Long term - 130, Medium term - 127.5, Short term - 127.5

Economic release today -

• NIL

Commentary -

• Yen is the best performer today and this week as Bank of Japan (BOJ) governor Kuroda suggested that yen is already very weak and further weakness is unlikely.

USD/CHF -

Trading at 0.93

Trend meter -

• Long term - Buy, Medium term - Range, Short term - Range/Buy support

Support -

• Long term - 0.88, Medium term - 0.917-0.913, Short term - 0.90, Immediate - 0.925

Resistance -

• Long term - 1.174, Medium term - 1.025-1.02, Short term - 0.984-0.987

Economic release today -

• NIL

Commentary -

• Franc is treading water near support, taking cues from Dollar.