Currency snapshot (major pairs)

Dollar index trading at 96.93 (+0.17%)

Strength meter (today so far) – Euro -0.33%, Franc -0.43%, Yen -0.20%, GBP +0.16%

Strength meter (since last week) – Euro -0.33%, Franc -0.43%, Yen -0.20%, GBP +0.16%

EUR/USD –

Trading at 1.124

Trend meter –

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

Support          

• Long term – 1.07, Medium term – 1.09, Short term – 1.10

Resistance –

• Long term – 1.16, Medium term – 1.14, Short term – 1.12 (testing)

Economic release today –

• Markit services PMI improves to 56.3 in May.

Commentary –

• The euro is down today after Friday’s big rise after payroll data.

GBP/USD –

Trading at 1.29

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 –

• Markit services PMI improves to 53.8 in May.

Commentary –

• The pound is the best performer today, despite a terrorist incident over London Bridge. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 110.6

Trend meter –

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

Support –

• Long term – 107, Medium term – 109, Short term – 110

Resistance –

• Long term – 119, Medium term – 115, Short term – 113

Economic release today –

• NIL

Commentary –

• The yen is marginally down today but performance likely to improve as haven demand grows amid risky environment.

USD/CHF –        

Trading at 0.966

Trend meter –

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

Support –

• Long term – 0.92, Medium term – 0.95, Short term – 0.95

Resistance –

• Long term – 1.04, Medium term – 1.01, Short term – 0.98

Economic release today –

• NIL

Commentary –

• Franc is the worst performer of the day so far. It is heading for a test of 0.95 area.