Currency snapshot (major pairs)

Dollar index trading at 92.44 (-0.31%)

Strength meter (today so far) – Euro +0.39%, Franc +0.10%, Yen -0.15%, GBP +0.44%

Strength meter (since last week) – Euro +0.39%, Franc +0.10%, Yen -0.15%, GBP +0.44%

EUR/USD –

Trading at 1.199

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 continues to recover as the dollar sags after disappointing CPI. Active Call - Sell Euro at 1.218 with 1.17 as target

GBP/USD –

Trading at 1.359

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 –

• NIL

Commentary –

• The pound is recovering grounds as the dollar weakens. 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 –

• Machine tools orders up 22 percent y/y in April.

Commentary –

• The yen is the worst performer of the day due to lack of risk aversion. Active call – Buy yen targeting 101

USD/CHF –

Trading at 0.998

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 worse performer than the euro this week.

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