Currency snapshot (major pairs)

Dollar index trading at 94 (-1.1%).

Strength meter (today so far) - Euro +1.5%, Franc +1.4%, Yen +0.45%, GBP +0.52%

Strength meter (since last week) - Euro +1.36%, Franc +2.01%, Yen +0.64%, GBP +0.77%

EUR/USD -

Trading at 1.134

Trend meter -

• Long term - Sell, Medium term - Range/Buy Support, Short term - Buy

Support -

• Long term - 1.048-1.036, Medium term - 1.153-1.157, Short term - 1.106-1.102

Resistance -

• Long term - 1.175-1.18, Medium term - 1.155-1.16, Short term - 1.128-1.132 (broken)

Economic release today -

• Euro zone PMI moved up to 54.1 for services while composite recorded 53.9
• Retail sales dropped -0.8% m/m in March

Commentary -

• Euro has gained further as expected after bulls have broken 1.12 and broken short term resistance around 1.132. Further rise is very much likely. Initial target is coming around 1.15-1.16 area.

GBP/USD -

Trading at 1.525

Trend meter -

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

Support -

• Long term - 1.425-1.417, Medium term - 1.462-1.455, Short term - 1.497- 1.494

Resistance -

• Long term - 1.553-1.56, Medium term - 1.553-1.56, Short term - 1.538, Immediate - 1.528-1.532

Economic release today -

• UK services PMI rose to 59.5 in April.

Commentary -

• Pound bulls got support in services PMI numbers after price was pushed down towards 1.513 prior to the release. Focus now is on tomorrow's election.

USD/JPY -                      

Trading at 119.4

Trend meter -

• Long term - Buy, Medium term - Range/Sell, Short term - Range/Buy support/Sell resistance

Support -

• Long term - 113.7-112.9, Medium term - 115.7-115, Short term - 118.5-118

Resistance -

• Long term - 125, Medium term - 122, Short term - 122. Immediate - 120.8

Economic release today -

• NIL

Commentary -

• Pair was thrown back from the resistance area around 120.5 as yen bulls made advance amid risk aversion and weak dollar. Yen now might move to test range low.

USD/CHF -

Trading at 0.914

Trend meter -

• Long term - Buy, Medium term - Sell/Range, Short term - Range/Sell resistance

Support -

• Long term - 0.88, Medium term - 0.917-0.913, Short term - 0.93 (broken)

Resistance -

• Long term - 1.174, Medium term - 1.025-1.02, Short term - 0.984-0.987, Immediate - 0.944-0.047

Economic release today -

• NIL

Commentary -

• Franc is best performer this week. Pair has broken below key short term support and now testing medium term support. Further progress to downwards seem likely. However long term support might keep pair above 0.88-0.89 area.