Currency snapshot (major pairs)

Dollar index trading at 98.64 (-0.84%).

Strength meter (today so far) - Euro +0.85%, Franc +0.56%, Yen +0.53%, GBP +0.68%

Strength meter (since last week) - Euro +0.61%, Franc +0.75%, Yen +0.64%, GBP +0.96%

EUR/USD -

Trading at 1.066

Trend meter -

• Long term - Sell, Medium term - Sell, Short term - Range/Sell

Support -

• Long term - 1.048-1.036, Medium term - 1.048-1.036, Short term - 1.048-1.036

Resistance -

• Long term - 1.1035-1.11, Medium term - 1.102-1.11, Short term - 1.07-1.074

Economic release today -

• Euro zone industrial production rose 1.1% m/m and 1.6% y/y in February.

Commentary -

• Euro bounced back towards 1.067 after retail sales in US surprised to lower than expected. Bulls continue to provide support around 1.052 area.
• Focus for Euro now is on ECB press conference tomorrow.

GBP/USD -

Trading at 1.476

Trend meter -

• Long term - Range/Sell, Medium term - Sell, Short term - Sell resistance/ Range

Support -

• Long term - 1.425-1.417, Medium term - 1.462-1.455, Short term - 1.462-1.455

Resistance -

• Long term - 1.553-1.56, Medium term - 1.516-1.52, Short term - 1.498-1.502

Economic release today -

• Core CPI dropped to 1% y/y in March from 1.2% in February.
• House price growth rate dropped to 7.2% y/y, compared to 8.4% prior.
• PPI for output dropped -1.7% y/y in March.

Commentary -

• Pound is best performer this week so far, however today volatility is very high. Pound dropped to 1.46 over weaker inflation dockets however recovered sharply over US retail sales.

USD/JPY -                      

Trading at 119.3

Trend meter -

• Long term - Buy, Medium term - Range/Sell, Short term - Range/Buy support/Sell resistance

Support -

• Long term - 113.7-112.9, Medium term - 115.7-115, Short term - 118.2-118

Resistance -

• Long term - 125, Medium term - 122, Short term - 122

Economic release today -

• NIL

Commentary -

• Pair is strengthening slowly against dollar since Asian session, however dollar weakness became broad-based since US retail sales report.
• Yen is struggling to keep pace with other pairs since then.

USD/CHF -

Trading at 0.971

Trend meter -

• Long term - Buy, Medium term - Sell/Range, Short term - Range/Sell resistance

Support -

• Long term - 0.88, Medium term - 0.937, Short term - 0.945, Immediate - 0.954-0.95

Resistance -

• Long term - 1.174, Medium term - 1.025-1.02, Short term - 0.997

Economic release today -

• NIL

Commentary -

• Pair continue to lack conviction on either side as bulls and bears continue change upper hands over the pair. In short term bulls remain stronger, however bears remain well placed in medium term.