Currency snapshot (major pairs)

Dollar index trading at 97.3 (+0.95%).

Strength meter (today so far) - Euro -0.75%, Franc -0.45%, Yen -1.27%%, GBP -0.65%

Strength meter (since last week) - Euro -1.07%, Franc -0.77%, Yen -1.39%, GBP -0.70%

EUR/USD -

Trading at 1.088

Trend meter -

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

Support -

• Long term - 1.048-1.036, Medium term - 1.065-1.06, Short term - 1.065

Resistance -

• Long term - 1.175-1.18, Medium term - 1.155-1.16, Short term - 1.12-1.123, Immediate - 1.103-1.105

Economic release today -

• NIL

Commentary -

• Euro has resumed down trend and looks to drop further. Initial target is around 1.065 area.

GBP/USD -

Trading at 1.536

Trend meter -

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

Support -

• Long term - 1.425-1.417, Medium term - 1.497-1.49, Short term - 1.537-1.534

Resistance -

• Long term - 1.592-1.616, Medium term - 1.58-1.586, Short term - 1.582-1.584, Immediate - 1.55

Economic release today -

• CBI survey showed improvement in UK business activity.

Commentary -

• Pound seems ready to drop further. Target is coming around 1.47-1.48 area, if resistance at 1.58 holds. Still a good 1:1 trade.

USD/JPY -                      

Trading at 123.2

Trend meter -

• Long term - Buy, Medium term - Rang/Buy, Short term - Range/Buy

Support -

• Long term - 113.7-112.9, Medium term - 115.7-115, Short term - 119, Immediate - 120.6

Resistance -

• Long term - 125, Medium term - 122 (broken), Short term - 122(broken).

Economic release today -

• NIL

Commentary -

• Yen is the worst performer today as traders focusing on fundamentals has broken above key resistance area. Yen is now trading close to 2007 high.

USD/CHF -

Trading at 0.95

Trend meter -

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

Support -

• Long term - 0.88, Medium term - 0.917-0.913, Short term - 0.90, Immediate - 0.925

Resistance -

• Long term - 1.174, Medium term - 1.025-1.02, Short term - 0.984-0.987, Immediate - 0.944-0.947(broken)

Economic release today -

• Swiss employment level for first quarter came at 4.225 million.

Commentary -

• Pair is expected to rise further. Pair has broken above immediate resistance area.