FMC Extreme Currency Market Summary for Thursday July 18th

The September Dollar closed higher due to short covering on Thursday as it consolidates some of Tuesday's decline. The mid range close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term. If September extends this month's decline, the 62% retracement level of the June-July rally crossing at 82.27 is the next downside target. Closes above the 10 day moving average crossing at 83.57 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 83.57. Second resistance is July's high crossing at 84.96. First support is Wednesday's low crossing at 82.47. Second support is the 62% retracement level of the June-July rally crossing at 82.27.

The September Euro closed slightly lower on Thursday as it consolidates some of Tuesday's rally. The high range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If September extends the rally off July's low, June's high crossing at 134.24 is the next upside target. Closes below the 10 day moving average crossing at 130.00 would confirm that a short term top has been posted. First resistance is last Thursday's high crossing at 132.12. Second resistance is June's high crossing at 134.24. First support is the 10 day moving average crossing at 130.00. Second support is July's low crossing at 127.55.

The September British Pound closed higher on Thursday as it extended yesterday's breakout above the 20-day moving average confirming that a short term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If September extends the rally off July's low, the reaction high crossing at 1.5298 is the next upside target. Closes below the 10 day moving average crossing at 1.5054 would confirm that a short term top has been posted. First resistance is the reaction high crossing at 1.5298. Second resistance is the reaction high crossing at 1.5523. First support is the 10-day moving average crossing at 1.5054. Second support is July's low crossing at 1.4806.

The September Swiss Franc closed lower due to profit taking on Thursday but remain above the 20 day moving average crossing at .10568. The low range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If September extends the rally off last week's low, the reaction high crossing at .10829 is the next upside target. Closes below the 10 day moving average crossing at .10497 would temper the near term friendly outlook. First resistance is Wednesday's high crossing at .10693. Second resistance is the reaction high crossing at .10829. First support is last Thursday's gap crossing at .10446. Second support is the 87% retracement level of the May-June rally crossing at .10284.

The September Canadian Dollar closed higher on Thursday as it extends this week's trading range above the 20 day moving average. The high range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term. If September renews the rally off last week's low, June's high crossing at 98.46 is the next upside target. Closes below the 20-day moving average crossing at 95.33 would confirm that a short term top has been posted. First resistance is last Thursday's high crossing at 96.69. Second resistance is June's high crossing at 98.46. First support is the 20 day moving average crossing at 95.33. Second support is July's low crossing at 94.09.

The September Japanese Yen closed lower on Thursday and below the reaction low crossing at .9949. The low range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near term. If September renews the decline off June's high, July's low crossing at .9852 is the next downside target. Closes above the reaction high crossing at .10184 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at .10184. Second resistance is the reaction high crossing at .10318. First support is July's low crossing at .9852. Second support is the reaction low crossing at .9757.

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FMC Extreme Currency Markets Summary for Tuesday July 9th, 2013

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The September Euro currency closed down 90 points at 1.2788 today. Prices closed nearer the session low today, scored a bearish “outside day” down on the daily bar chart and hit a fresh three month low. Bears still have the solid overall near term technical advantage.

The September Japanese yen closed down 9 points at .9898 today. Prices closed near mid-range in quieter trading. The bears still have the overall near term technical advantage. Prices are in a three week old downtrend on the daily bar chart.

The September Swiss franc closed down 103 points at 1.0282 today. Prices closed nearer the session low today and hit a fresh five week low. The bears have the solid near term technical advantage. Prices are in a steep four week old downtrend on the daily bar chart.

The September Canadian dollar closed up 24 points at .9480 today. Prices closed nearer the session high today on more tepid short covering in a bear market. Prices last Friday hit a contract low. Bears have the solid near term technical advantage.

The September British pound closed down 85 points at 1.4857 today. Prices closed nearer the session low and hit a fresh contract low today. Bears have the solid near term technical advantage. Prices are in a steep four week old downtrend on the daily bar chart.

The September U.S. dollar index closed up .421 at 84.835 today. Prices closed nearer the session high today and hit another fresh three year high. The bulls have the solid near term technical advantage. Safe haven demand due to the crisis in Egypt and stronger U.S. economic data are supporting the greenback.

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FMC Extreme Currency Markets Summary for Monday July 8th, 2013

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The September Dollar posted an inside day with a lower close on Monday due to profit taking as it consolidated some of the rally off June's low. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If September extends the rally off June's low, monthly resistance marked by the June 2010 high crossing at 89.10 is the next upside target. Closes below the 20 day moving average crossing at 82.52 would confirm that a short term top has been posted. First resistance is Friday's high crossing at 84.93. Second resistance is monthly resistance crossing at 89.10. First support is the 10 day moving average crossing at 83.55. Second support is the 20-day moving average crossing at 82.52.

The September Euro closed higher due to short covering on Monday as it consolidated some of the decline off June's high. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends the aforementioned decline, May's low crossing at 128.10 is the next downside target. Closes above the 20 day moving average crossing at 131.54 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 130.08. Second resistance is the 20 day moving average crossing at 131.54. First support is last Friday's low crossing at 128.08. Second support is May's low crossing at 128.10.

The September British Pound closed higher on Monday as it consolidated some of last Friday's decline. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends the decline off June's high, May's low crossing at 1.4999 is the next downside target. Closes above the 20 day moving average crossing at 1.5400 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 1.5206. Second resistance is the 20 day moving average crossing at 1.5400. First support is last Friday's low crossing at 1.4845. Second support is May's low crossing at 1.4999.

The September Swiss Franc closed higher due to short covering on Monday as it consolidated some of the decline off June's high. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends the decline off June's high, the 75% retracement level of the May-June rally crossing at .10284 is the next downside target. Closes above the 20 day moving average crossing at .10687 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at .10565. Second resistance is the 20 day moving average crossing at .10687. First support is the 75% retracement level of the May-June rally crossing at .10381. Second support is the 87% retracement level of the May-June rally crossing at .10284.

The September Canadian Dollar closed higher due to short covering on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends this year's decline, weekly support crossing at 93.67 is the next downside target. Closes above the 20 day moving average crossing at 96.13 would confirm that a short term low has been posted. First resistance is the reaction high crossing at 95.74. Second resistance is the 20 day moving average crossing at 96.13. First support is last Friday's low crossing at 94.09. Second support is weekly support crossing at 93.67.

The September Japanese Yen closed slightly higher on Monday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends the decline off June's high, the reaction low crossing at .9757 is the next downside target. Closes above the 20 day moving average crossing at .10240 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at .10071. Second resistance is the 20 day moving average crossing at .10240. First support is today's low crossing at .9852. Second support is the reaction low crossing at .9757.

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Have a great holiday weekend,
We'll see you in the markets on Monday!

Ray @ Forex Market Club