The U.S. Dollar closed lower on Tuesday. The low range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. If March renews the rally off October's low, the 50% retracement level of the July-October decline crossing at 82.26 is the next upside target. If March extends the decline off November's high, the November 1st gap crossing at 79.98 is the next downside target. First resistance is the 38% retracement level of the July-October decline crossing at 81.57. Second resistance is the 50% retracement level of the July-October decline crossing at 82.26. First support is last Tuesday's low crossing at 80.67. Second support is the November 1st gap crossing at 79.98.
The March Euro closed higher on Tuesday and the high range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 134.95 are needed to confirm that the rally off November's low has ended. If March extends the rally off November's low, the reaction high crossing at 137.05 is the next upside target. First resistance is last Friday's high crossing at 136.23. Second resistance is the reaction high crossing at 137.05. First support is the 20 day moving average crossing at 134.95. Second support is the reaction low crossing at 134.02.
The March British Pound posted an inside day with a higher close on Tuesday leaving yesterday's downside reversal unconfirmed at this time. The high range close sets the stage for a steady to higher opening when Wednesday'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 March extends the rally off November's low, monthly resistance crossing at 1.6738 is the next upside target. Closes below the 20 day moving average crossing at 1.6120 would confirm that a short term top has been posted. First resistance is Monday's high crossing at 1.6427. Second resistance is monthly resistance crossing at 1.6738. First support is the 10 day moving average crossing at 1.6219. Second support is the 20 day moving average crossing at 1.6120.
The March Swiss Franc closed higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at .10964 would confirm that a short term top has been posted. If March extends the aforementioned rally, the reaction high crossing at .11156 is the next upside target. First resistance is last Friday's high crossing at .11081. Second resistance is the reaction high crossing at .11156. First support is the reaction low crossing at .10891. Second support is November's low crossing at .10829.
The March Canadian Dollar closed lower on Tuesday and below key support marked by July's low crossing at 93.60 as it extends the decline off September's high. The mid-range close sets the stage for a steady opening when Wednesday'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 March extends this fall's decline, weekly support crossing at 92.13 is the next downside target. Closes above the 20 day moving average crossing at 94.86 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 94.43. Second resistance is the 20 day moving average crossing at 94.86. First support is today's low crossing at 93.45. Second support is weekly support crossing at 92.13.
The March Japanese Yen posted a key reversal up on Tuesday after spiking below key support marked by May's low crossing at .9710. The high range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Additional strength on Wednesday is needed to confirm today's key reversal up. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If March extends the decline off October's high, weekly support crossing at .9640 is the next downside target. Closes above the 20 day moving average crossing at .9967 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at .9854. Second resistance is the 20 day moving average crossing at .9967. First support is today's low crossing at .9680. Second support is weekly support crossing at .9640.
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