Currency snapshot (major pairs)

Dollar index trading at 92.47 (-0.14%)

Strength meter (today so far) – Euro +0.25%, Franc +0.59%, Yen +0.37%, GBP -0.26%

Strength meter (since last week) – Euro +0.95%, Franc +0.96%, Yen +0.24%, GBP +0.16%

EUR/USD –

Trading at 1.155

Trend meter –

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

Support

• Long term – 1.08, Medium term – 1.115, Short term – 1.125   

Resistance –

• Long term – 1.17, Medium term – 1.153 (broken), Short term – 1.147 (broken)

Economic release today –

• Producer price index rose 0.3% in March, down -4.2% from a year back.

Commentary –

• Euro traded as high as 1.162 before retracing over stronger Dollar. Our longer term target for Euro to reach as high as 1.20 against Dollar.

GBP/USD –

Trading at 1.462

Trend meter –

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

Support –

• Long term – 1.4, Medium term – 1.4, Short term – 1.427 

Resistance –

• Long term – 1.47, Medium term – 1.467, Short term – 1.467

Economic release today –

• UK manufacturing PMI came at 49.2 for April.

Commentary –

• Pound is the worst performer today as manufacturing sector shrank for first time in almost 3 years.

USD/JPY –                      

Trading at 105.9

Trend meter –

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

Support –

• Long term – 98.5, Medium term – 102.8, Short term – 105

Resistance –

• Long term – 121, Medium term – 115, Short term – 111.2

Economic release today –

• NIL

Commentary –

• Yen is marginally down today after massive gain last week. Active call – Buy Yen @119.5 with stop loss around 123.8 and target at 114 and 110, 108.9 and 98.5 First three target reached, new target 90 added.

USD/CHF –                                                                                         

Trading at 0.949

Trend meter –

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

Support –

• Long term – 0.905, Medium term – 0.927, Short term – 0.95 (testing)

Resistance –

• Long term – 1.037, Medium term – 1.01, Short term – 0.98

Economic release today –

• SECO consumer climate declined to -15 from -14 prior.

Commentary –

• Franc has broken below 0.95 area but yet not decisively. Still best performer today. We expect Franc to strengthen against Dollar to as high as 0.9 area.