Mid Week Currency and Forex Market Summary

The March U.S. Dollar closed lower on Tuesday. The mid range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that additional weakness is possible near term. If March resumes this month's decline, the reaction low crossing at 79.82 is the next downside target. Closes above the 20 day moving average crossing at 80.62 are needed to confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 80.62. Second resistance is the reaction high crossing at 80.91. First support is last Wednesday's low crossing at 79.95. Second support is the reaction low crossing at 79.82.

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The March Euro closed slightly higher on Tuesday. The mid range close sets the stage for a steady 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 aforementioned rally, the reaction high crossing at 138.34 is the next upside target. Closes below the 20 day moving average crossing at 136.42 would confirm that a short term top has been posted. First resistance is last Wednesday's high crossing at 137.73. Second resistance is the reaction high crossing at 138.34. First support is the 20 day moving average crossing at 136.42. Second support is the reaction low crossing at 135.62.

The March British Pound closed higher on Tuesday. The mid range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1.6527 would confirm that a short term top has been posted. If March resumes the rally off February's low, monthly resistance crossing at 1.7043 is the next upside target. First resistance is last Tuesday's high crossing at 1.6821. Second resistance is monthly resistance crossing at 1.7043. First support is the 20 day moving average crossing at 1.6527. Second support is February's low crossing at 1.6247.

The March Swiss Franc closed higher on Tuesday. 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 this month's rally, December's high crossing at .11373 is the next upside target. Closes below the 20 day moving average crossing at .11165 would confirm that a short term top has been posted. First resistance is Monday's high crossing at .11301. Second resistance is December's high crossing at .11373. First support is the 10 day moving average crossing at .11222. Second support is the 20 day moving average crossing at .11165.

The March Canadian 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 neutral to bearish signaling that sideways to lower prices are possible near term. If March renews last week's decline, this month's low crossing at 88.99 is the next downside target. Closes above the 10 day moving average crossing at 90.55 would temper the near-term bearish outlook. First resistance is last Wednesday's high crossing at 91.60. Second resistance is the 38% retracement level of the September-January decline crossing at 92.32 . First support is last Friday's low crossing at 89.27. Second support is this month's low crossing at 88.99.

The March Japanese Yen closed higher on Tuesday. Today's high range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. If March renews the rally off January's low, the 62% retracement level of the October-January decline crossing at .10026 is the next upside target. If March extends this month's decline, the reaction low crossing at .9672 is the next downside target. First resistance is the 50% retracement level of the October-January decline crossing at .9920. Second resistance is the 62% retracement level of the October-January decline crossing at .10026. First support is last Friday's low crossing at .9725. Second support is the reaction low crossing at .9672.

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