Currency snapshot (major pairs)

Dollar index trading at 97.28 (-0.06%)

Strength meter (today so far) – Euro +0.08%, Franc -0.09%, Yen +0.12%, GBP +0.05%

Strength meter (since last week) – Euro -0.16%, Franc -0.46%, Yen -0.69%, GBP -0.48%

EUR/USD –

Trading at 1.119

Trend meter –

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

Support          

• Long term – 1.07, Medium term – 1.09, Short term – 1.10

Resistance –

• Long term – 1.16, Medium term – 1.14, Short term – 1.12 (broken)

Economic release today –

• NIL

Commentary –

• The euro declined last night as the dollar recovered. Short-term trend remains to buy.

GBP/USD –

Trading at 1.297

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 –

• NIL

Commentary –

• The pound still remains dogged by the terrorist attack in Manchester and increased security within the UK. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 111.8

Trend meter –

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

Support –

• Long term – 109, Medium term – 110, Short term – 112 (broken)

Resistance –

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

Economic release today –

• Leading economic index improves to 105.5, while coincident index declined to 114.4 in March.

Commentary –

• The yen is the worst performer of the week on risk affinity and a stronger dollar.

USD/CHF –        

Trading at 0.977

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 (broken)

Resistance –

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

Economic release today –

• Industrial production declined 1.6 percent in the first quarter, down 4.6 percent from a year ago.

Commentary –

• Franc is much weaker performer this week compared to the euro.