Currency snapshot (major pairs)

Dollar index trading at 93.53 (+0.33%)

Strength meter (today so far) – Euro -0.48%, Franc -0.54%, Yen -0.34%, GBP -0.15%

Strength meter (since last week) – Euro -0.07%, Franc -0.37%, Yen -1.00%, GBP +0.80%

EUR/USD –

Trading at 1.144

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 – 1.2, Medium term – 1.17, Short term – 1.17

Economic release today –

• NIL

Commentary –

• Euro is down today on stronger Dollar. Our longer term target for Euro to reach as high as 1.20 against Dollar.

GBP/USD –

Trading at 1.448

Trend meter –

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

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 –

• UK services PMI dropped to 52.3 for April compared to 53.7 for March.

Commentary –

• Pound is relatively better bid, despite weaker data.

USD/JPY –                      

Trading at 107.3

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 –

• NIL

Commentary –

• Yen lost grounds over stronger Dollar. 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 0.962

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 found resistance at 0.95 against Dollar. We expect Franc to strengthen against Dollar to as high as 0.9 area.