Currency snapshot (major pairs)

Dollar index trading at 99.46 (-0.19%)

Strength meter (today so far) – Euro +0.28%, Franc +0.16%, Yen +0.32%, GBP -0.09%

Strength meter (since last week) – Euro +0.11%, Franc -1.08%, Yen -1.68%, GBP -0.46%

EUR/USD –

Trading at 1.091

Trend meter –

• Long term – Sell, Medium term – Buy, Short term – Range

Support          

• Long term – 1.032, Medium term – 1.05, Short term – 1.07

Resistance –

• Long term – 1.12, Medium term – 1.10, Short term – 1.10

Economic release today –

• Industrial production declined by 0.1 percent in March, up 1.9 percent from a year ago.

Commentary –

• The euro continues to flirt around 1.09 area, despite risk rally in equities.

GBP/USD –

Trading at 1.288

Trend meter –

• Long term – Sell, Medium term – Buy, Short term – Buy

Support –

• Long term – 1.16, Medium term – 1.23, Short term – 1.27

Resistance –

• Long term – 1.32, Medium term – 1.305, Short term – 1.305

Economic release today –

• NIL

Commentary –

• The pound remains depressed after yesterday’s BoE warning. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 113.4

Trend meter –

• Long term – Sell, Medium term – sell, Short term – Range

Support –

• Long term – 109, Medium term – 110, Short term – 112

Resistance –

• Long term – 119, Medium term – 115, Short term – 115

Economic release today –

• NIL

Commentary –

• The yen recovered further as risk aversion from Trump’s firing of James Comey is triggering some haven buying.

USD/CHF –        

Trading at 1.005

Trend meter –

• Long term – Buy, Medium term – Range/Buy, Short term – Range

Support –

• Long term – 0.95, Medium term – 0.95, Short term – 0.98

Resistance –

• Long term – 1.08, Medium term – 1.037, Short term – 1.037

Economic release today –

• NIL

Commentary –

• Franc is a much worse performer than euro this week.  Active call -Franc might decline to 1.08 per dollar. Target extended to 1.14