Currency snapshot (major pairs)

Dollar index trading at 93.51 (+0.20%)

Strength meter (today so far) – Euro -0.20%, Franc -0.25%, Yen -0.33%, GBP -0.44%

Strength meter (since last week) – Euro -1.23%, Franc -0.37%, Yen -1.27%, GBP -0.30%

EUR/USD –

Trading at 1.179

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 –

• Construction output declined by 0.3 percent in March, up 0.8 percent from a year ago.

Commentary –

• The euro remains downbeat against the USD over tensions in Italian politics. 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 – Sell, 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 –

• MPC member Haldane is set for a speech at 16:00 GMT.

Commentary –

• The pound continues to grind lower as the dollar recovers. Active call-  short term sell targeting 1.375 (target reached); extended to 1.354 (target reached)

USD/JPY –           

Trading at 110.7

Trend meter -

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

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 –

• Inflation report will be released at 23:50 GMT.

Commentary –

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

USD/CHF –

Trading at 1.003

Trend meter –

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

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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