Currency snapshot (major pairs)

Dollar index trading at 95.13 (-0.30%)

Strength meter (today so far) – Euro +0.35%, Franc +0.19%, Yen +0.54%, GBP +0.05%

Strength meter (since last week) – Euro -0.21%, Franc +0.07%, Yen +0.29%, GBP +1.39%

EUR/USD –

Trading at 1.12

Trend meter –

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

Support

• Long term – 1.08, Medium term – 1.10, Short term – 1.115  

Resistance –

• Long term – 1.2, Medium term – 1.17, Short term – 1.13

Economic release today –

• NIL

Commentary –

• Euro recovered sharply on weaker Dollar, still in red and worst performer of the week. Our longer term target for Euro to reach as high as 1.20 against Dollar.

GBP/USD –

Trading at 1.47

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 – 1.49, Medium term – 1.47, Short term – 1.47

Economic release today –

• UK GDP grew 0.4% in first quarter, up 2% from a year back.

Commentary –

• Pound is best performer this week as poll shows people are favoring stay in EU.

USD/JPY –                      

Trading at 109.5

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 –

• National CPI for April and Tokyo CPI for May will be released at 23:30 GMT.

Commentary –

• Yen again flipped back to green today against Dollar this week. Third flip of the week so far.. 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 0.989

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 –

• Industrial production in first quarter rose 1%, down -2.2% from a year ago.

Commentary –

• Franc is marginally higher for the week. We expect Franc to strengthen against Dollar to as high as 0.9 area in the medium term.