Currency snapshot (major pairs)

Dollar index trading at 96.67 (+0.93%).

Strength meter (today so far) - Euro -1.19%, Franc -1.19%, Yen -0.47%, GBP +0.05%

Strength meter (since last week) - Euro -1.19%, Franc -1.19%, Yen -0.47%, GBP +0.05%

EUR/USD -

Trading at 1.102

Trend meter -

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

Support

• Long term - 1.048-1.036, Medium term - 1.065-1.06, Short term - 1.08-1.085

Resistance -

• Long term - 1.175-1.18, Medium term - 1.155-1.16, Short term - 1.14-1.145, Immediate - 1.125-1.132

Economic release today -

• European leaders pass on final proposal to Greece, required to avert an exit from Euro zone.

Commentary -

• Euro traded as high as 1.12 against dollar over the proposals, however gave up some of the gains as skepticism remains and Greece needs to pass the initial legislation by Wednesday.

GBP/USD -

Trading at 1.552

Trend meter -

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

Support -

• Long term - 1.425-1.417, Medium term - 1.497-1.49, Short term - 1.518-1.512, Immediate - 1.544

Resistance -

• Long term - 1.592-1.616, Medium term - 1.595, Short term - 1.562

Economic release today -

• UK trade deficit shrank to lowest in two years to -£ 0.39 billion.

Commentary -

• Pound is likely to trade as high as 1.59 against dollar if it manages to stay above 1.53.

USD/JPY -                      

Trading at 123.4

Trend meter -

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

Support -

• Long term - 113.7-112.9, Medium term - 115.7-115, Short term - 119.7, Immediate - 120.7

Resistance -

• Long term - 130, Medium term - 127.5, Short term - 127.5. Immediate - 124.3

Economic release today -

• Industrial production dropped by -3.9% in June from a year ago.

Commentary -

• Yen lost further grounds today as risk aversion subsided.

USD/CHF -                                                                                         

Trading at 0.941          

Trend meter -

• Long term - Buy, Medium term - Range, Short term - Range/buy support

Support -

• Long term - 0.88, Medium term - 0.90, Short term - 0.90

Resistance -

• Long term - 1.174, Medium term - 1.025-1.02, Short term - 0.984-0.987

Economic release today -

• NIL

Commentary -

• Franc is likely to remain medium term sell against dollar and remains as top loser today.