Currency snapshot (major pairs)

Dollar index trading at 95.42 (+0.14%)

Strength meter (today so far) – Euro +0.04%, Franc -0.12%, Yen -0.56%, GBP -0.44%

Strength meter (since last week) – Euro -0.76%, Franc -1.87%, Yen -1.81%, GBP +1.21%

EUR/USD –

Trading at 1.121

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 – 1.2, Medium term – 1.17, Short term – 1.17

Economic release today –

• Current account rose €27 billion in March.

Commentary –

• Euro is flat for today. Our longer term target for Euro to reach as high as 1.20 against Dollar.

GBP/USD –

Trading at 1.453

Trend meter –

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

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 –

• NIL

Commentary –

• Pound is best performer this week, and only currency to have risen against Dollar. Further rise and test of 1.48 area likely.

USD/JPY –                      

Trading at 110.5

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 again weakened well beyond 110 area, as risk aversion failed to materialize. 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 0.992

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

Resistance –

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

Economic release today –

• NIL

Commentary –

• Franc is worst performer this week. We expect Franc to strengthen against Dollar to as high as 0.9 area in the medium term.