Currency snapshot (major pairs)

Dollar index trading at 92.25 (+0.47%)

Strength meter (today so far) – Euro -0.48%, Franc -0.32%, Yen -0.31%, GBP -0.76%

Strength meter (since last week) – Euro -0.45%, Franc -0.43%, Yen -0.35%, GBP -0.33%

EUR/USD –

Trading at 1.202

Trend meter –

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

Support          

• Long term – 1.18, Medium term – 1.2, Short term – 1.2

Resistance –

• Long term – 1.25, Medium term – 1.25, Short term – 1.25

Economic release today –

• Private loans up 3 percent y/y in March.

Commentary –

• The euro is leading the fall this week as the dollar recovery continues.

GBP/USD –

Trading at 1.366

Trend meter –

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

Support –

• Long term – 1.35, Medium term – 1.365, Short term – 1.365

Resistance –

• Long term – 1.50 Medium term – 1.485, Short term – 1.435

Economic release today –

• March Mortgage approvals at 62,941
• M4 money supply up 2.2 percent y/y in March.
• Consumer credit in March £0.254 billion.

Commentary –

• The pound is declining steadily as BoE governor Carney signaled slower pace of hikes and as GDP number disappointed and as strong dollar weighs. Active call-  short term sell targeting 1.375 (target reached); extended to 1.354

USD/JPY –           

Trading at 109.7

Trend meter -

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

Support –

• Long term – 101, Medium term – 104.2, Short term – 106.2

Resistance –

• Long term – 111, Medium term – 109, Short term – 109 (testing)

Economic release today –

• Nikkei manufacturing PMI rose to 53.8 in April.

Commentary –

• The yen is down this week on the back of a stronger dollar. Active call – Buy yen targeting 101

USD/CHF –        

Trading at 0.994

Trend meter –

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

Support –

• Long term – 0.90, Medium term – 0.92, Short term – 0.92

Resistance –

• Long term – 1.03, Medium term – 1.00, Short term – 1.00

Economic release today –

• NIL

Commentary –

• Franc is down in line with the euro this week.

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