Currency snapshot (major pairs)

Dollar index trading at 97.44 (+0.14%).

Strength meter (today so far) - Euro +0.06%, Franc +0.29%, Yen -0.42%%, GBP -0.45%

Strength meter (since last week) - Euro -0.93%, Franc -0.42%, Yen -2.18%, GBP -1.28%

EUR/USD -

Trading at 1.092

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 -

• Euro zone consumer confidence remained at same level in April at -5.5
• Services sentiment moved higher to 7.8 in April from 6.7 in March.
• Business climate deteriorated 0.28 from prior 0.33.
• Economic sentiment indicator remained flat at 103.8.
• Industrial confidence improved as expected to -3 from -3.2 prior.

Commentary -

• Euro consolidating near 1.09, since last night after Greek rumor of deal drafting appeared in media.

GBP/USD -

Trading at 1.528

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(broken)

Resistance -

• Long term - 1.592-1.616, Medium term - 1.58-1.586, Short term - 1.582-1.584, Immediate - 1.545

Economic release today -

• Second estimate showed first quarter GDP to rise 0.3% q/q and 2.4% from a year ago.

Commentary -

• Pound has broken below short term support area after bounce back in late Asian session. Further downside is likely.

USD/JPY -                      

Trading at 124.2

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 -

• Crucial CPI details along with unemployment stats are scheduled at 23:30 GMT, followed by industrial production at 23:50 GMT.

Commentary -

• Yen is again the worst performer today lost about 2% against dollar this week. Further loss is likely however 125 area is expected to provide support to yen.

USD/CHF -

Trading at 0.945

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 -

• Franc is giving some correction along with Euro and stands as the best performer this week so far. Expect buying at dips for the pair.