Currency snapshot (major pairs)

Dollar index trading at 95.58 (+0.05%)

Strength meter (today so far) – Euro +0.1%, Franc -0.14%, Yen +0.74%, GBP -1.07%

Strength meter (since last week) – Euro +0.23%, Franc -0.11%, Yen +0.69%, GBP -0.84%

EUR/USD –

Trading at 1.116

Trend meter –

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

Support

• Long term – 1.08, Medium term – 1.10, Short term – 1.10  

Resistance –

• Long term – 1.16, Medium term – 1.145, Short term – 1.12

Economic release today –

• Services PMI improved to 52.8 in June.
• Retail sales rose 0.4 percent in May, up 1.6 percent from a year back.

Commentary –

• Euro is marginally higher as EUR/GBP rise.

GBP/USD –

Trading at 1.313

Trend meter –

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

Support –

• Long term – 1.2, Medium term – 1.25, Short term – 1.29 

Resistance –

• Long term – 1.5, Medium term – 1.38, Short term – 1.35

Economic release today –

• Services PMI declined to 52.3 in June.
• Bank of England released financial stability report.
• BRC shop prices will be released at 23:00 GMT.

Commentary –

• Pound has started sliding against the dollar again.

USD/JPY –                      

Trading at 101.8

Trend meter –

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

Support –

• Long term – 91, Medium term – 98, Short term – 100

Resistance –

• Long term – 111, Medium term – 107, Short term – 103.5

Economic release today –

• NIL

Commentary –

• Yen turned the best performer today and this week as risk aversion returned in the market. Active call – Buy Yen @119.5 with stop loss around 123.8 and target at 114 and 110, 108.9 and 98.5. All targets reached, new target 90 added.

USD/CHF –        

Trading at 0.972

Trend meter –

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

Support –

• Long term – 0.9, Medium term – 0.927, Short term – 0.95

Resistance –

• Long term – 1.037, Medium term – 1.01, Short term – 0.994

Economic release today –

• NIL

Commentary –

• Franc is down marginally this week. We expect Franc to strengthen against Dollar to as high as 0.86 area in the medium term.