FMC Extreme Currency Market Summary for Week Ending August 16th

The September Dollar closed higher on Friday leaving yesterday's key reversal down unconfirmed. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 81.74 are needed to confirm that a short term low has been posted. If September renews the decline off July's high, June's low crossing at 80.61 is the next downside target. First resistance is the 20 day moving average crossing at 81.74. Second resistance is August's high crossing at 82.61. First support is last Thursday's low crossing at 80.89. Second support is June's low crossing at 80.61.

The September Euro closed lower on Friday. The low range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 132.64 are needed to confirm that a short term top has been posted. If September renews the rally off July's low, June's high crossing at 134.24 is the next upside target. First resistance is last Thursday's high crossing at 134.02. Second resistance is June's high crossing at 134.24. First support is the 20 day moving average crossing at 132.64. Second support is the reaction low crossing at 131.87.

The September British Pound closed lower due to profit taking on Friday as it consolidated some of the rally off July's low. The mid range close sets the stage for a steady opening when Monday'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 last Friday's low, June's high crossing at 1.5743 is the next upside target. Closes below the 20 day moving average crossing at 1.5396 would confirm that a short term top has been posted. First resistance is today's high crossing at 1.5655. Second resistance is June's high crossing at 1.5743. First support is the 20 day moving average crossing at 1.5396. Second resistance is last Wednesday's low crossing at 1.5200.

The September Swiss Franc closed lower on Friday as it consolidated some of Thursday's rally. The low range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that additional weakness is still possible near term. If September extends Thursday's rally, June's high crossing at .10962 is the next upside target. If September renews the decline off last week's high, the reaction low crossing at .10653 is the next downside target. First resistance is August's high crossing at .10904. Second resistance is June's high crossing at .10962. First support is Thursday's low crossing at .10644. Second support is the reaction low crossing at .10555.

The September Canadian Dollar closed lower on Friday. The mid range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near term. Closes below last Wednesday's low crossing at 95.64 are needed to confirm that a short term top has been posted. If September renews the rally off last week's low, July's high crossing at 97.49 is the next upside target. First resistance is July's high crossing at 97.49. Second resistance is the 75% retracement level of the May-July decline crossing at 98.17. First support is last Wednesday's low crossing at 95.64. Second support is the reaction low crossing at 95.52.

The September Japanese Yen closed lower on Friday. The low range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at .10196 would confirm that a short term top has been posted. If September renews the rally off July's low, June's high crossing at .10669 is the next upside target. First resistance is last Thursday's high crossing at .10440. Second resistance is June's high crossing at .10669. First support is the 20 day moving average crossing at .10196. Second support is the reaction low crossing at .10002.