Currency snapshot (major pairs)

Dollar index trading at 95.35 (-0.61%).

Strength meter (today so far) - Euro +1.1%, Franc -0.17%, Yen -0.09%, GBP -0.03%

Strength meter (since last week) - Euro +2.55%, Franc +0.55%, Yen -0.08%, GBP +0.34%

EUR/USD -

Trading at 1.127

Trend meter -

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

Support -

• Long term - 1.048-1.036, Medium term - 1.065-1.06, Short term - 1.065, Immediate - 1.108-1.106

Resistance -

• Long term - 1.175-1.18, Medium term - 1.155-1.16, Short term - 1.12-1.123(Broken)

Economic release today -

• Euro zone unemployment rate dropped to 11.1%, while retail sales grew by 2.2% in April from a year ago.
• Services PMI rose to 53.8 in May from 53.3 prior.

Commentary -

• Euro has broken short term resistance as Greek deal nears. Further rise is likely. Focus is on NFP report tomorrow.

GBP/USD -

Trading at 1.533

Trend meter -

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

Support -

• Long term - 1.425-1.417, Medium term - 1.497-1.49, Short term - 1.518-1.512

Resistance -

• Long term - 1.592-1.616, Medium term - 1.58-1.586, Short term - 1.566-1.57, Immediate - 1.535-1.537

Economic release today -

• UK services PMI came at 56.5, lower than prior 59.5

Commentary -

• Pound was pushed lower by worse than expected services PMI, struggling to gain above resistance area. However further rise is possible if dollar weakens further.

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 - 123.6

Resistance -

• Long term - 130, Medium term - 125, Short term - 125

Economic release today -

• Japan services PMI improved to 51.9 in May.

Commentary -

• Yen continues to pose weakness against dollar, suggesting further rise after consolidation.

USD/CHF -

Trading at 0.935

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 -

• NIL

Commentary -

• Franc lost against dollar today, as Euro gained, which pushed EUR/CHF to 1.053. Franc is likely to remain depressed against dollar.