Currency snapshot (major pairs)

Dollar index trading at 92.76 (-0.28%)

Strength meter (today so far) – Euro +0.44%, Franc +0.18%, Yen -0.23%, GBP +0.52%

Strength meter (since last week) – Euro +0.44%, Franc +0.18%, Yen -0.23%, GBP +0.52%

EUR/USD –

Trading at 1.149

Trend meter –

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

Support

• Long term – 1.08, Medium term – 1.115, Short term – 1.125   

Resistance –

• Long term – 1.17, Medium term – 1.153, Short term – 1.147 (testing)

Economic release today –

• Euro Zone manufacturing PMI came at 51.7 for April, little upbeat from 51.5 in March.

Commentary –

• Euro is looking to break 1.15 area. Our longer term target for Euro to reach as high as 1.20 against Dollar.

GBP/USD –

Trading at 1.468

Trend meter –

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

Support –

• Long term – 1.4, Medium term – 1.4, Short term – 1.427 

Resistance –

• Long term – 1.47, Medium term – 1.467, Short term – 1.467

Economic release today –

• NIL

Commentary –

• Pound is best performer today, reached new 3 month high against Dollar.

USD/JPY –                      

Trading at 106.1

Trend meter –

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

Support –

• Long term – 98.5, Medium term – 102.8, Short term – 105

Resistance –

• Long term – 121, Medium term – 115, Short term – 111.2

Economic release today –

• Nikkei manufacturing index came at 48.2 in April.

Commentary –

• Yen is marginally down today after massive gain last week. Active call – Buy Yen @119.5 with stop loss around 123.8 and target at 114 and 110, 108.9 and 98.5 First three target reached, new target 90 added.

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 – 0.927, Short term – 0.95

Resistance –

• Long term – 1.037, Medium term – 1.01, Short term – 0.98

Economic release today –

• NIL

Commentary –

• Franc needs to break resistance around 0.95 area for further gains. It is moving in line with Euro and once again on its way to test key resistance. We expect Franc to strengthen against Dollar to as high as 0.9 area.