Currency snapshot (major pairs)

Dollar index trading at 100.52 (+0.03%)

Strength meter (today so far) – Euro -0.09%, Franc -0.17%, Yen -0.02%, GBP +0.31%

Strength meter (since last week) – Euro +0.24%, Franc -0.11%, Yen +0.40%, GBP -0.52%

EUR/USD –

Trading at 1.067

Trend meter –

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

Support          

• Long term – 1.032, Medium term – 1.05, Short term – 1.06

Resistance –

• Long term – 1.09, Medium term – 1.085, Short term – 1.085

Economic release today –

• Services PMI for March came at 56 in March.

Commentary –

• The euro is hovering around 1.07 area as French election uncertainty weighs.

GBP/USD –

Trading at 1.248

Trend meter –

• Long term – Sell, Medium term – Sell, Short term – range/sell

Support –

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

Resistance –

• Long term – 1.32, Medium term – 1.27, Short term – 1.27

Economic release today –

• Services PMI improves to 55 in March.

Commentary –

• With little fundamental cue, the pound is drifting around 1.25 area. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 110.8

Trend meter –

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

Support –

• Long term – 107, Medium term – 109, Short term – 109

Resistance –

• Long term – 121, Medium term – 119, Short term – 115

Economic release today –

• Services PMI improves to 52.9 in March.

Commentary –

• The yen is likely to test the 110 resistance again. Risk aversion has pushed the yen to become the best performer of the week so far.

USD/CHF –        

Trading at 1.003

Trend meter –

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

Support –

• Long term – 0.95, Medium term – 0.95, Short term – 0.98

Resistance –

• Long term – 1.08, Medium term – 1.037, Short term – 1.037

Economic release today –

• NIL

Commentary –

• Franc is almost flat this week. Likely to consolidate around parity.  Active call -Franc might decline to 1.08 per dollar. Target extended to 1.14