Currency snapshot (major pairs)

Dollar index trading at 96.22 (-1.23%).

Strength meter (today so far) - Euro +1.9%, Franc +1.26%, Yen +0.6%%, GBP +0.77%

Strength meter (since last week) - Euro +1.27%, Franc +0.76%, Yen -0.03%%, GBP +0.14%

EUR/USD -

Trading at 1.113

Trend meter -

• Long term - Sell, Medium term - Range, Short term - Range/Buy support

Support -

• Long term - 1.048-1.036, Medium term - 1.065-1.06, Short term - 1.065

Resistance -

• Long term - 1.175-1.18, Medium term - 1.155-1.16, Short term - 1.12-1.123, Immediate - 1.103-1.105 (Broken)

Economic release today -

• Euro zone CPI rose in May by 0.3% from a year ago. Core CPI rose 0.9% y/y.

Commentary -

• Euro has broken above immediate resistance and traded as high as 1. 12 against dollar. Faced heavy selling at 1.12 and dropped about 70 pips from high.

GBP/USD -

Trading at 1.532

Trend meter -

• Long term - Buy, Medium term - Range, Short term - Range/Sell Resistance

Support -

• Long term - 1.425-1.417, Medium term - 1.497-1.49, Short term - 1.518-1.512

Resistance -

• Long term - 1.592-1.616, Medium term - 1.58-1.586, Short term - 1.566-1.57, Immediate - 1.535

Economic release today -

• UK construction PMI came at 55.9, higher than prior 54.2

Commentary -

• Pound has moved up as dollar weaken and construction PMI surprised on upside. Pound is now challenging immediate resistance.

USD/JPY -                      

Trading at 124

Trend meter -

• Long term - Buy, Medium term - Rang/Buy, Short term - Range/Buy

Support -

• Long term - 113.7-112.9, Medium term - 115.7-115, Short term - 119, Immediate - 122.8

Resistance -

• Long term - 130, Medium term - 125, Short term - 125

Economic release today -

• NIL

Commentary -

• Yen touched 125 against dollar but gained sharply as dollar weakened over bullish Euro. Yen is likely to remain weak against dollar.

USD/CHF -

Trading at 0.934

Trend meter -

• Long term - Buy, Medium term - Range, Short term - Range/Buy support

Support -

• Long term - 0.88, Medium term - 0.917-0.913, Short term - 0.90, Immediate - 0.925

Resistance -

• Long term - 1.174, Medium term - 1.025-1.02, Short term - 0.984-0.987

Economic release today -

• NIL

Commentary -

• Franc gained amid weakness in dollar. Greek rumor provided the necessary fuel.