Currency snapshot (major pairs)

Dollar index trading at 92.36 (-0.10%)

Strength meter (today so far) – Euro +0.07%, Franc +0.09%, Yen +0.03%, GBP +0.34%

Strength meter (since last week) – Euro -1.06%, Franc -0.88%, Yen -0.76%, GBP -0.86%

EUR/USD –

Trading at 1.20

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 –

• Markit manufacturing PMI rose to 56.2 in April.
• GDP grew 0.4 percent in Q1, up 2.5 percent from a year ago.
• Unemployment rate at 8.5 percent 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 (testing)

Resistance –

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

Economic release today –

• Construction PMI rose to 52.5 in April.

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 109.8

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 services PMI rose to 52.5 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 0.996

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 –

• SECO consumer climate index declined to 2 in Q2 survey.
• Real retail sales down 1.8 percent in March.
• SVME PMI rose to 63.6 in April.

Commentary –

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

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