Currency snapshot (major pairs)

Dollar index trading at 99.09 (-0.04%)

Strength meter (today so far) – Euro +0.02%, Franc +0.11%, Yen -0.31%, GBP +0.15%

Strength meter (since last week) – Euro +0.19%, Franc -0.02%, Yen -0.61%, GBP -0.21%

EUR/USD –

Trading at 1.091

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 –

• Markit manufacturing PMI marginally declines to 56.7
• The unemployment rate came at 9.5 percent for March.

Commentary –

• The euro is flirting with resistance around 1.09 area. It is the only major to be positive against the dollar so far. The focus in on upcoming French election on Sunday.

GBP/USD –

Trading at 1.291

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 –

• UK manufacturing PMI improves to 57.3 in April.

Commentary –

• The pound is testing resistance around 1.3 area. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 112.2

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 –

• Market services PMI declines to 52.2 in April.

Commentary –

• The yen’s disastrous performance continues as stock benefits from risk on sentiment.

USD/CHF –      

Trading at 0.995

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 –

• SVME PMI declines to 57.3 in April.

Commentary –

• Franc is marginally down this week.  Active call -Franc might decline to 1.08 per dollar. Target extended to 1.14