Currency snapshot (major pairs)

Dollar index trading at 97.52 (-0.04%)

Strength meter (today so far) – Euro -0.05%, Franc -0.07%, Yen +0.29%, GBP -0.10%

Strength meter (since last week) – Euro -0.29%, Franc -0.06%, Yen -0.20%, GBP -0.83%

EUR/USD –

Trading at 1.116

Trend meter –

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

Support          

• Long term – 1.05, Medium term – 1.08, Short term – 1.11

Resistance –

• Long term – 1.16, Medium term – 1.143, Short term – 1.13

Economic release today –

• Flash consumer confidence report for June will be published at 14:00 GMT.

Commentary –

• The euro remains downbeat amid hawkish rhetoric from FOMC policymakers.

GBP/USD –

Trading at 1.266

Trend meter –

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

Support –

• Long term – 1.21, Medium term – 1.24, Short term – 1.263

Resistance –

• Long term – 1.345, Medium term – 1.305, Short term – 1.283

Economic release today –

• CBI industrial survey report will be published at 10:00 GMT.
• MPC member Forbes is scheduled to speak at 18:00 GMT.

Commentary –

• The pound recovered sharply after declining below 1.26 area. Further decline likely. Hawkish comments from BoE members unlikely to support the pound. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 111

Trend meter –

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

Support –

• Long term – 107, Medium term – 108.4, Short term – 109

Resistance –

• Long term – 116, Medium term – 114.2, Short term – 111.6

Economic release today –

• NIL

Commentary –

• The yen remains downbeat on a lack of risk aversion, however, it is finding support around 111.6 area.

USD/CHF –        

Trading at 0.973

Trend meter –

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

Support –

• Long term – 0.90, Medium term – 0.92, Short term – 0.95

Resistance –

• Long term – 1.04, Medium term – 1.01, Short term – 0.987

Economic release today –

• May trade balance came at 3.4 billion.

Commentary –

• Franc is the best performer of the week but still down against the dollar.

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