Currency snapshot (major pairs)

Dollar index trading at 98.10 (+0.17%).

Strength meter (today so far) - Euro -0.15%, Franc -0.22%, Yen -0.53%, GBP +0.31%

Strength meter (since last week) - Euro -1.02%, Franc -1.57%, Yen -0.88%, GBP -0.03%

EUR/USD -

Trading at 1.087

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 -

• Euro Zone services PMI rose to 54 in July from 53.8 in June. Retail sales dropped to -0.6% in June from May.

Commentary -

• Euro failed to maintain gain after weaker ADP employment as services PMI improved to highest since 2007.

GBP/USD -

Trading at 1.561

Trend meter -

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

Support -

• Long term - 1.425-1.417, Medium term - 1.497-1.49, Short term - 1.518-1.512, Immediate - 1.544-1.54

Resistance -

• Long term - 1.592-1.616, Medium term - 1.595, Short term - 1.572

Economic release today -

• UK services PMI slowed to 57.4 in July from 58.5 in June.

Commentary -

• Pound continues to remain well bid against all majors including dollar. Pound is the best performer today.

USD/JPY -                      

Trading at 124.9

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 - 124.3-124.5 (broken)

Economic release today -

• NIL

Commentary -

• Yen has broken the resistance around 124.5 over improvement in services sector. Yen might lose to 127 against dollar if support around 121 holds.

USD/CHF -                                                                                         

Trading at 0.981

Trend meter -

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

Support -

• Long term - 0.88, Medium term - 0.90, Short term - 0.95

Resistance -

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

Economic release today -

• NIL

Commentary -

• Franc has reached initial target around 0.98 area. Further rise possible, though major profit booking suggested ahead of NFP.