2017.05.2607:17:00UTC+00Currency Snapshot (major Pairs)

Dollar index trading at 97.08 (-0.12%)

Strength meter (today so far) – Euro +0.07%, Franc +0.24%, Yen +0.72%, GBP -0.58%

Strength meter (since last week) – Euro +0.11%, Franc +0.14%, Yen +0.10%, GBP -1.34%

EUR/USD –

Trading at 1.122

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 (broken)

Economic release today –

• NIL

Commentary –

• The euro is consolidating around key resistance of 1.12

GBP/USD –

Trading at 1.286

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 is the worst performer of the week as conservatives lose the lead to just 5 points over the Labour Party. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 110.9

Trend meter –

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

Support –

• Long term – 109, Medium term – 110, Short term – 112 (broken)

Resistance –

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

Economic release today –

• NIL

Commentary –

• The yen recovered all of its earlier loss on the upbeat inflation outlook.

USD/CHF –        

Trading at 0.971

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 (broken)

Resistance –

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

Economic release today –

• NIL

Commentary –

• Franc is up in line with the euro.