Currency snapshot (major pairs)

Dollar index trading at 97.23 (+0.65%).

Strength meter (today so far) - Euro -0.35%, Franc -0.65%, Yen -0.41%, GBP -0.20%

Strength meter (since last week) - Euro -1.68%, Franc -1.40%, Yen -0.86%, GBP +0.61%

EUR/USD -

Trading at 1.097

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 -

• NIL

Commentary -

• Euro dropped to as low as 1.093 against dollar, as FED chair Janet Yellen sounded more hawkish in her semiannual testimony in congress.

GBP/USD -

Trading at 1.561

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(broken)

Economic release today -

• ILO unemployment rate rose by 0.1% in May to 5.6%. Wage growth including bonus rose by 3.2% while rose 2.8% excluding it.

Commentary -

• Pound traded as high as 1.598 against dollar, however weaker than expected wage growth pushed pound lower today. Janet Yellen's hawkish testimony also provided boost to dollar. However pound is likely to remain strong since wage growth was strong enough, despite being short of expectations.

USD/JPY -                      

Trading at 123.8

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 -

• NIL

Commentary -

• Yen is treading water below 124 area as risk aversion remains at bay. Yen might lose to 127 against dollar, if risk aversion subsides further.

USD/CHF -                                                                                         

Trading at 0.951          

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 -

• Zew survey showed expectations worsened in July to -5.4 from 0.1 prior.

Commentary -

• Franc is likely to remain medium term sell against dollar and drop further, however occasional risk aversion in Euro zone might push it higher.