Currency snapshot (major pairs)

Dollar index trading at 94.71 (+0.14%)

Strength meter (today so far) – Euro -0.17%, Franc +0.22%, Yen +0.58%, GBP -0.51%

Strength meter (since last week) – Euro -0.08%, Franc -0.26%, Yen +0.86%, GBP -0.27%

EUR/USD –

Trading at 1.138

Trend meter –

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

Support

• Long term – 1.048, Medium term – 1.07, Short term – 1.108

Resistance –

• Long term – 1.15, Medium term – 1.147, Short term – 1.147

Economic release today –

• Euro Zone service PMI dropped to 53.1 in March, from 54 in February.
• Retail sales up 2.4% in February, from a year back.

Commentary –

• Euro is down today as 1.14 area post strong resistance. Further drop towards 1.129 area is likely. Our longer term target for Euro to reach as high as 1.20 against Dollar. However in the short run it might find resistance around 1.143 area.

GBP/USD –

Trading at 1.418

Trend meter –

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

Support –

• Long term – 1.35, Medium term – 1.38, Short term – 1.406          

Resistance –

• Long term – 1.463, Medium term – 1.45, Short term – 1.436

Economic release today –

• UK services PMI improved to 53.7 in March, from 52.7 prior.

Commentary –

• Pound is the worst performer again today as Brexit fear continues to push it lower.. We expects pound to grow stronger going ahead. Likely to gain towards 1.5 area. However some profit bookings suggested around 1.467 area.

USD/JPY –                      

Trading at 110.6

Trend meter –

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

Support –

• Long term – 98.5, Medium term – 108, Short term – 110

Resistance –

• Long term – 121, Medium term – 117, Short term – 115

Economic release today –

• Labour cash earnings rose by 0.9% in February, from a year back.

Commentary –

• Yen is best performer this week as Nikkei falters sharply. Active call – Buy Yen @119.5 with stop loss around 123.8 and target at 114 and 110, 108.9 and 98.5

USD/CHF –                                                                                         

Trading at 0.957

Trend meter –

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

Support –

• Long term – 0.905, Medium term – 0.945, Short term – 0.95

Resistance –

• Long term – 1.174, Medium term – 1.07, Short term – 1.035

Economic release today –

• NIL

Commentary –

•  We expect Franc to strengthen against Dollar to as high as 0.9 area.