Currency snapshot (major pairs)

Dollar index trading at 96.59 (+0.25%)

Strength meter (today so far) – Euro +0.07%, Franc +0.02%, Yen -2.02%, GBP +0.40%

Strength meter (since last week) – Euro +0.07%, Franc +0.02%, Yen -2.02%, GBP +0.40%

EUR/USD –

Trading at 1.105

Trend meter –

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

Support

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

Resistance –

• Long term – 1.16, Medium term – 1.145, Short term – 1.12

Economic release today –

• Euro group meeting is scheduled today.

Commentary –

• Euro is testing support around 1.1. Active call – Sell EUR/USD at 1.116 with stop loss at 1.15 and target at 1.01

GBP/USD –

Trading at 1.3

Trend meter –

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

Support –

• Long term – 1.2, Medium term – 1.25, Short term – 1.25 

Resistance –

• Long term – 1.5, Medium term – 1.38, Short term – 1.35

Economic release today –

• BRC retail sales report will be published today at 23:00 GMT for the month of June.

Commentary –

• Pound is testing resistance near 1.3. We expect the pound to reach parity.

USD/JPY –                      

Trading at 102.41

Trend meter –

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

Support –

• Long term – 91, Medium term – 98, Short term – 100

Resistance –

• Long term – 111, Medium term – 107, Short term – 103.5

Economic release today –

• Corporate goods price for June will be released at 23:50 GMT.

Commentary –

• Yen is the worst performer of the day as Bernanke visit of Japan triggered speculation that further BOJ action might be coming. Active call – Buy Yen @119.5 with stop loss around 123.8 and target at 114 and 110, 108.9 and 98.5. All targets reached, new target 90 added.

USD/CHF –        

Trading at 0.982

Trend meter –

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

Support –

• Long term – 0.9, Medium term – 0.927, Short term – 0.95

Resistance –

• Long term – 1.037, Medium term – 1.01, Short term – 0.994

Economic release today –

• NIL

Commentary –

• Franc is moving in line with Euro. We expect Franc to strengthen against Dollar to as high as 0.86 area in the medium term.