Currency snapshot (major pairs)

Dollar index trading at 93.33 (-0.30%)

Strength meter (today so far) – Euro +0.37%, Franc +0.51%, Yen +0.13%, GBP -0.14%

Strength meter (since last week) – Euro +1.43%, Franc +0.68%, Yen -0.45%, GBP +0.56%

EUR/USD –

Trading at 1.183

Trend meter –

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

Support          

• Long term – 1.12, Medium term – 1.16, Short term – 1.16

Resistance –

• Long term – 1.25, Medium term – 1.22, Short term – 1.2

Economic release today –

• Q1 GDP grew 0.4 percent y/y, up 2.5 percent from a year ago.

      Commentary –

• The euro recovered this week as the dollar declines from key support. Active Call - Sell Euro at 1.218 with 1.17 as target; target revised lower to 1.14; likely to correct towards 1.2 area

GBP/USD –

Trading at 1.34

Trend meter –

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

Support –

• Long term – 1.32, Medium term – 1.35, Short term – 1.35 (broken)

Resistance –

• Long term – 1.425 Medium term – 1.39, Short term – 1.37

Economic release today –

• Halifax house price up 1.9 percent y/y.

Commentary –

• The pound is up this week on a weaker dollar. Active call-  short term sell at 1.413 targeting 1.375 (target reached); extended to 1.354 (target reached); extended to 1.3

USD/JPY –           

Trading at 110

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

Economic release today –

• Q1 GDP report will be released at 23:50 GMT, along with April trade balance report.

Commentary –

• The yen is the worst performer of the week thanks to the lack of risk aversion.

USD/CHF –

Trading at 0.981

Trend meter –

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

Support –

• Long term – 0.90, Medium term – 0.92, Short term – 0.95

Resistance –

• Long term – 1.03, Medium term – 1.00, Short term – 1.00

Economic release today –

• CPI inflation up 0.4 percent in May, up 1 percent from a year ago.

Commentary –

• Franc is a much weaker performer than the euro this week.

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