Currency snapshot (major pairs)

Dollar index trading at 90.71 (+0.39%)

Strength meter (today so far) – Euro -0.46%, Franc -0.18%, Yen -0.57%, GBP -0.25%

Strength meter (since last week) – Euro -0.46%, Franc -0.18%, Yen -0.57%, GBP -0.25%

EUR/USD –

Trading at 1.223

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 manufacturing PMI declined to 56 in April.
• Flash services PMI rose to 55 in April.

Commentary –

• The euro started the week on weaker footing as the dollar rebounds.

GBP/USD –

Trading at 1.396

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 day as the dovish comments from Mark Carney weigh. Active call-  short-term sell targeting 1.375 (target reached); extended to 1.354

USD/JPY –           

Trading at 108.2

Trend meter -

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

Support –

• Long term – 101, Medium term – 104.2, Short term – 106.2

Resistance –

• Long term – 111, Medium term – 109, Short term – 109

Economic release today –

• Flash manufacturing PMI rose to 53.3 in April.

Commentary –

• The yen is the worst performer of the week thanks to a stronger dollar and lack of risk aversion. 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 better performer than the euro this week.

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