The March Dollar closed higher due to short covering on Wednesday filling Tuesday's gap crossing at 80.36 but remains below the October-December uptrend line crossing near 80.60. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If March extends Tuesday's decline, December's low crossing at 78.52 is the next downside target. First resistance is December's high crossing at 81.41. Second resistance is the 62% retracement level of the 2010-2011 decline on the weekly continuation chart crossing at 82.89. First support is the reaction low crossing at 79.55. Second support is the reaction low crossing at 78.52.
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The March Euro closed lower on Wednesday and is poised to extend last year's decline. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 131.05 are needed to confirm that a short term low has been posted. If March extends the decline off October's high, the 75% retracement level of the 2010-2011 rally on the weekly continuation chart crossing at 126.39 is the next downside target. First resistance is the 20 day moving average crossing at 131.05. Second resistance is the reaction high crossing at 132.24. First support is last Thursday's low crossing at 128.69. Second support is the 75% retracement level of the 2010-2011 rally on the weekly continuation chart crossing at 126.39.
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The March British Pound posted an inside day with a lower close on Wednesday as it consolidated some of the rally off last Thursday's low. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 1.5761 are needed to confirm an upside breakout of December's trading range. If March renews last week's decline, October's low crossing at 1.5267 is the next downside target. First resistance is the reaction high crossing at 1.5761. Second resistance is the reaction high crossing at 1.5860. First support is last Thursday's low crossing at 1.5350. Second support is October's low crossing at 1.5267.
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The March Swiss Franc closed lower on Wednesday as it extends the trading range of the past six weeks. The low range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at .10839 are needed to confirm that a low has been posted. If March renews the decline off October's high, weekly support crossing at .10422 is the next downside target. First resistance is the reaction high crossing at .10839. Second resistance is the reaction high crossing at .10915. First support is December's low crossing at .10501. Second support is weekly support crossing at .10422.
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The March Canadian Dollar closed lower due to profit taking on Wednesday. However, the high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If March extends the rally off December's low, December's high crossing at 99.23 is the next upside target. Closes below the 20 day moving average crossing at 97.52 would temper the near term friendly outlook. First resistance is Tuesday's high crossing at 99.08. Second resistance is December's high crossing at 99.23. First support is December's low crossing at 95.73. Second support is November's low crossing at 94.85.
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The March Japanese Yen closed slightly lower due to light profit taking on Wednesday as it consolidated some of the rally off December's low. The mid range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term. If March extends the aforementioned rally, the reaction high crossing at .13101 is the next upside target. Closes below the 20 day moving average crossing at .12893 would temper the near term friendly outlook. First resistance is Tuesday's high crossing at .13070. Second resistance is the reaction high crossing at .13101. First support is the 20 day moving average crossing at .12893. Second support is December's low crossing at .12699. Second support is October's low crossing at .12609.
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