Currency snapshot (major pairs)

Dollar index trading at 92.83 (-0.32%)

Strength meter (today so far) – Euro +0.40%, Franc +0.24%, Yen +0.37%, GBP -0.47%

Strength meter (since last week) – Euro -0.49%, Franc -0.35%, Yen -0.30%, GBP -0.32%

EUR/USD –

Trading at 1.189

Trend meter –

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

Support          

• Long term – 1.16, Medium term – 1.18, Short term – 1.18

Resistance –

• Long term – 1.27, Medium term – 1.25, Short term – 1.22

Economic release today –

• NIL

Commentary –

• The euro recovered some of the losses as U.S. inflation disappoints. Active Call - Sell Euro at 1.218 with 1.17 as target

GBP/USD –

Trading at 1.348

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 –

• Manufacturing production up 2.9 percent y/y in March.
• Industrial production up 2.9 percent y/y in March.
• March trade balance came at -£3.091 billion.
• Bank of England (BoE) kept interest rate unchanged in 7-2 vote.

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 (target reached)

USD/JPY –           

Trading at 109.5

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 –

• NIL

Commentary –

• The yen recovered some grounds as risk aversion rise. Active call – Buy yen targeting 101

USD/CHF –                 

Trading at 1.003

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 a slightly better performer than the euro this week.

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