Currency snapshot (major pairs)

Dollar index trading at 90.37 (+0.52%)

Strength meter (today so far) – Euro -0.62%, Franc -0.40%, Yen -0.33%, GBP -0.44%

Strength meter (since last week) – Euro -0.49%, Franc -1.41%, Yen -0.50%, GBP -1.45%

EUR/USD –

Trading at 1.227

Trend meter –

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

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 report suggest that consumer confidence rose to 0.4 in April.

Commentary –

• The euro declined sharply as the dollar recovered with a bang.

GBP/USD –

Trading at 1.402

Trend meter –

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

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 –

• NIL

Commentary –

• The pound is the worst performer of the week thanks to dovish signal from BoE governor Mark Carney. Active call-  short term sell targeting 1.375 (target reached); extended to 1.354

USD/JPY –           

Trading at 107.8

Trend meter -

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

Support –

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

Resistance –

• Long term – 111, Medium term – 109, Short term – 107 (testing)

Economic release today –

• NIL

Commentary –

• The yen is down this week as risk aversion fades after Syria strike was more limited than originally anticipated. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.975

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 – 0.98

Economic release today –

• NIL

Commentary –

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

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