2017.03.2106:37:00UTC+00Currency Snapshot (major Pairs)

Dollar index trading at 99.85 (-0.51%)

Strength meter (today so far) – Euro +0.66%, Franc +0.37%, Yen +0.09%, GBP +0.83%

Strength meter (since last week) – Euro +0.74%, Franc +0.19%, Yen +0.01%, GBP +0.56%

EUR/USD –

Trading at 1.081

Trend meter –

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

Support          

• Long term – 1.032, Medium term – 1.05, Short term – 1.06

Resistance –

• Long term – 1.09, Medium term – 1.085, Short term – 1.085

Economic release today –

• Eurozone finance ministers are meeting in Brussels.

Commentary –

• The euro is racing higher after breaking a key resistance around 1.07 area.

GBP/USD –

Trading at 1.246

Trend meter –

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

Support –

• Long term – 1.16, Medium term – 1.2, Short term – 1.2

Resistance –

• Long term – 1.32, Medium term – 1.27, Short term – 1.25

Economic release today –

• RPI is up 1.1percent in February, up 3.2 percent y/y.
• House price index up 6.2 percent y/y in February.
• Producer price index is up 3.7 percent y/y in February.
• PPI core output is up 2.4 percent y/y.
• Producer price index input is up 19.1 percent y/y.
• Consumer price index up 2.3 percent y/y.
• Core consumer price index is up 2 percent y/y.
• Public sector net borrowing in February came at £1.1 billion.

Commentary –

• The pound is heading to test 1.25 resistance area. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 112.5

Trend meter –

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

Support –

• Long term – 107, Medium term – 109, Short term – 112

Resistance –

• Long term – 121, Medium term – 119, Short term – 115

Economic release today –

• NIL

Commentary –

• The yen strengthened further on weaker dollar, now positive against the dollar. Active call – Yen likely to reach 120 as key support broken.

USD/CHF –        

Trading at 0.995

Trend meter –

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

Support –

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

Resistance –

• Long term – 1.08, Medium term – 1.037, Short term – 1.037

Economic release today –

• NIL

Commentary –

• Franc is looking to test key resistance around 0.98 area.  Active call -Franc might decline to 1.08 per dollar. Target extended to 1.14