Currency snapshot (major pairs)

Dollar index trading at 99.98 (+0.00%)

Strength meter (today so far) – Euro +0.07%, Franc +0.01%, Yen -0.18%, GBP +0.39%

Strength meter (since last week) – Euro +1.69%, Franc +0.15%, Yen -2.23%, GBP +0.71%

EUR/USD –

Trading at 1.089

Trend meter –

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

Support          

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

Resistance –

• Long term – 1.11, Medium term – 1.09, Short term – 1.09

Economic release today –

• Services sentiment improved to 14.2 in April.
• Consumer confidence remained flat at -3.2
• Industrial confidence improves to 2.6
• Business climate improves to 1.09 in April.
• Economic sentiment improves to 109.6
• ECB kept monetary policy unchanged with the deposit rate at -0.4 percent.

Commentary –

• The euro is the best performer of the week on French election outcome, flirting with the key resistance around 1.09 area. The focus is on ECB press conference.

GBP/USD –

Trading at 1.289

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 –

• CBI trade survey index improves to 38 percent.
• GFK consumer confidence report will be released at

Commentary –

• The pound’s performance improved since yesterday. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 111.3

Trend meter –

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

Support –

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

Resistance –

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

Economic release today –

• BoJ kept monetary policy unchanged and the interest rate at -0.1 percent. 
• National and Tokyo CPI report will be released at 23:30 GMT, along with unemployment report.
• Retail trade report and industrial production report will be released at 23:50 GMT.

Commentary –

• The yen is the worst performer this week as the French Election outcome reduced demand for a safe haven, however, performance improved since yesterday.

USD/CHF –        

Trading at 0.994

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 –

• Trade balance for March came at 3.1 billion.

Commentary –

• Franc is much worse performer this week compared to the euro.  Active call -Franc might decline to 1.08 per dollar. Target extended to 1.14