Currency snapshot (major pairs)

Dollar index trading at 94.39 (-0.15%)

Strength meter (today so far) – Euro +0.22%, Franc +0.22%, Yen -0.28%, GBP +0.39%

Strength meter (since last week) – Euro +0.1%, Franc +0.14%, Yen +2.60%, GBP -0.79%

EUR/USD –

Trading at 1.137

Trend meter –

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

Support

• Long term – 1.048, Medium term – 1.07, Short term – 1.108

Resistance –

• Long term – 1.15, Medium term – 1.147, Short term – 1.147

Economic release today –

• NIL

Commentary –

• Euro is marginally higher today, trying to close the week in green.. Our longer term target for Euro to reach as high as 1.20 against Dollar. However in the short run it might find resistance around 1.143 area.

GBP/USD –

Trading at 1.41

Trend meter –

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

Support –

• Long term – 1.35, Medium term – 1.38, Short term – 1.406          

Resistance –

• Long term – 1.463, Medium term – 1.45, Short term – 1.436

Economic release today –

• Goods trade balance came at -£11.96 billion.
• Manufacturing production declined by -1.1% y/y and industrial production declined -0.5% y/y.

Commentary –

• Pound is best performer today, but on its way to close the week in red. We are withdrawing our bull call for GBP/USD as price broke below 1.406 support. Likely to drop further now. We expect Pound to reach as low as 1.32 area.

USD/JPY –                      

Trading at 108.7

Trend meter –

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

Support –

• Long term – 98.5, Medium term – 108 (testing), Short term – 110 (broken)

Resistance –

• Long term – 121, Medium term – 117, Short term – 115

Economic release today –

• Consumer confidence grew 41.7 in March.
• Eco watchers survey outlook declined to 46.7 and current improved to 45.4

Commentary –

• Yen is worst performer today but best performer of the week. Active call – Buy Yen @119.5 with stop loss around 123.8 and target at 114 and 110, 108.9 and 98.5

USD/CHF –                                                                                         

Trading at 0.954

Trend meter –

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

Support –

• Long term – 0.905, Medium term – 0.945, Short term – 0.95

Resistance –

• Long term – 1.174, Medium term – 1.07, Short term – 1.035

Economic release today –

• Consumer price index dropped to -0.9% y/y in March.

Commentary –

• Franc is testing key resistance against Dollar around 0.95 area. We expect Franc to strengthen against Dollar to as high as 0.9 area.