Currency Snapshot (major Pairs)

Dollar index trading at 98.6 (+0.55%).

Strength meter (today so far) – Euro -0.73%, Franc -0.50%, Yen +0.09%, GBP -0.04%

Strength meter (since last week) – Euro -1.35%, Franc -1.21%, Yen -0.70%, GBP -0.41%

EUR/USD –

Trading at 1.072

Trend meter –

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

Support –

  • Long term – 1.048-1.036, Medium term – 1.065-1.06, Short term – 1.077-1.075

Resistance –

  • Long term – 1.1035-1.11, Medium term – 1.102-1.11, Short term – 1.102-1.105, Immediate – 1.084-1.086
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Economic release today –

  • German retail sales grew 3.6% YoY, fell 0.5% mom.
  • German unemployment rate fell to record low at 6.4%
  • French consumer spending rose 0.1% mom, producer prices rose 0.7%
  • Spanish retail sales grew 2.7% YoY in February.
  • Spanish current account moved to deficit of -0.4 billion
  • Unemployment rate for Euro zone stands at 11.3%
  • Euro zone headline CPI fell 0.1% YoY, core grew 0.6% YoY

Commentary –

  • Euro faced further downwards as uncertainty over Greece and larger bids for Dollar weighing on price.

GBP/USD –

Trading at 1.479

Trend meter –

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

Support –

  • Long term – 1.425-1.417, Medium term – 1.462-1.455, Short term – 1.475-1.472

Resistance –

  • Long term – 1.553-1.56, Medium term – 1.516-1.52, Short term – 1.498-1.502, Immediate – 1.49-1.493

Economic release today –

  • Current account deficit narrowed to £-25.3billion from prior £-27.7 billion
  • GDP rose by 3% in fourth quarter from a year ago. Growth was 0.6% QoQ.

Commentary –

  • Pound is a better performer. Stronger GDP release keeping it favored among majors.

USD/JPY –

Trading at 119.9

Trend meter –

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

Support –

  • Long term – 113.7-112.9, Medium term – 115.7-115, Short term – 118.2-118

Resistance –

  • Long term – 125, Medium term – 122, Short term – 122, Immediate – 119.8-120.3

Economic release today –

  • Construction orders grew by mere 1% YoY in February with annualized housing starts at 0.905 million
  • Vehicle production fell by -5.3% YoY in February
  • Tankan manufacturing details to be released around 23:50 GMT

Commentary –

  • Pair remains range bound, taking cues from broad based dollar strength.

USD/CHF –

Trading at 0.972

Trend meter –

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

Support –

  • Long term – 0.88, Medium term – 0.937, Short term – 0.945

Resistance –

  • Long term – 1.174, Medium term – 1.025-1.02, Short term – 0.997, Immediate – 0.972-0.98

Economic release today –

  • NIL

Commentary –

  • Franc continue to fade from recent strength, pair is showing good correlation with Euro so far this week.

                             

 

The material has been provided by InstaForex Company – www.instaforex.com

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