Currency snapshot (major pairs)

Dollar index trading at 99.90 (+0.07%)

Strength meter (today so far) – Euro -0.08%, Franc +0.10%, Yen +0.26%, GBP -0.10%

Strength meter (since last week) – Euro +0.85%, Franc +0.65%, Yen -0.49%, GBP +2.15%

EUR/USD –

Trading at 1.07

Trend meter –

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

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 –

• Flash Markit manufacturing PMI grew to 56.8 in April and services PMI grew 56.2
• Current account balance came at €27.9 billion

Commentary –

• The euro consolidating ahead of the French election on Sunday.

GBP/USD –

Trading at 1.279

Trend meter –

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

Support –

• Long term – 1.16, Medium term – 1.23, Short term – 1.27

Resistance –

• Long term – 1.32, Medium term – 1.305, Short term – 1.305

Economic release today –

• Retail sales declined by 1.8 percent in March, up 1.7 percent from a year ago.

Commentary –

• The pound is the best performer of the week. Likely to test 1.29 resistance next week. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 109.1

Trend meter –

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

Support –

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

Resistance –

• Long term – 119, Medium term – 115, Short term – 112

Economic release today –

• Nikkei manufacturing PMI grew to 52.8 in April.

Commentary –

• The yen is the worst performer of the week, the only counter negative against the dollar.

USD/CHF –        

Trading at 0.998

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 again moving in line with the euro.  Active call -Franc might decline to 1.08 per dollar. Target extended to 1.14