Currency snapshot (major pairs)

Dollar index trading at 97.3 (+0.1%).

Strength meter (today so far) - Euro +0.05%, Franc +0.17%, Yen -0.52%%, GBP -0.26%

Strength meter (since last week) - Euro -0.98%, Franc -0.77%, Yen -1.71%, GBP -0.83%

EUR/USD -

Trading at 1.089

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 jumped back sharply from 1.082, as Greek officials announced that it will be drafting a deal with creditors on Wednesday. European officials have played down such possibilities. Euro might consolidate here until further clarity arrives.

GBP/USD -

Trading at 1.534

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 -

• NIL

Commentary -

• Pound has reached short term support area, bounce back might be on card, if dollar loses momentum. Euro has gained against dollar, indicating that it might be on card.

USD/JPY -                      

Trading at 123.7

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 again the worst performer today as traders focusing on fundamentals has broken above key resistance area. Further rise is likely. Buyers took the pairs to new highs by buying around 122.9 area.

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

Economic release today -

• UBS business consumption indicator dropped to 1.25 in April from 1.34 prior.

Commentary -

• Pair is expected to rise further. Pair has broken above immediate resistance area. A test of resistance area around 0.98 is likely.