Currency snapshot (major pairs)

Dollar index trading at 93.21 (+0.59%)

Strength meter (today so far) – Euro -0.61%, Franc -0.12%, Yen -0.51%, GBP -0.49%

Strength meter (since last week) – Euro -0.69%, Franc -0.22%, Yen -0.84%, GBP -0.24%

EUR/USD –

Trading at 1.186

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 –

• Eurozone Q1 GDP came at 2.5 percent y/y.
• Industrial production growth declined to 3 percent y/y in March.
• Zew Survey economic sentiment index rose to 2.4 in May.

Commentary –

• The euro gave up earlier gains as the dollar recovery continues. Active Call - Sell Euro at 1.218 with 1.17 as target

GBP/USD –

Trading at 1.35

Trend meter –

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

Support –

• Long term – 1.32, Medium term – 1.354, Short term – 1.354 (testing)

Resistance –

• Long term – 1.45 Medium term – 1.425, Short term – 1.39

Economic release today –

• ILO unemployment rate came at 4.2 percent in March.
• Earnings grew by 2.6 percent including bonus and by 2.9 percent excluding it.

Commentary –

• The pound gave up earlier gains as the dollar recovers. Active call-  short term sell targeting 1.375 (target reached); extended to 1.354 (target reached)

USD/JPY –           

Trading at 110.3

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 –

• Q1 GDP data will be released at 23:50 GMT.

Commentary –

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

USD/CHF –

Trading at 1.001

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 much better performer than the euro this week.

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