Currency snapshot (major pairs)

Dollar index trading at 95.59 (+0.04%)

Strength meter (today so far) – Euro -0.08%, Franc -0.11%, Yen -0.03%, GBP +0.1%

Strength meter (since last week) – Euro +0.27%, Franc +0.18%, Yen +1.19%, GBP -1.33%

EUR/USD –

Trading at 1.114

Trend meter –

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

Support

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

Resistance –

• Long term – 1.2, Medium term – 1.16, Short term – 1.13

Economic release today –

• Services PMI rose to 53.3 in May.

Commentary –

• Euro is marginally lower today, heading into NFP report.
• Retail sales rose 1.4% y/y in May.

GBP/USD –

Trading at 1.442

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 services PMI improved to 53.5

Commentary –

• Pound has stabilized around 1.44 for the week.

USD/JPY –                      

Trading at 108.9

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 –

• Consumer confidence for May came at 40.9

Commentary –

• Yen is best performer today and this week, boosted by Prime Minister Abe’s tax hike delay and risk aversion. 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 0.991

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 – 1

Economic release today –

• NIL

Commentary –

• Franc is moving in line with Euro. We expect Franc to strengthen against Dollar to as high as 0.9 area in the medium term.