This Weeks Currency and Forex Market Summary

The March U.S. Dollar 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 turning neutral to bullish signaling that a short term low might be in or is near. Closes above the 20 day moving average crossing at 80.67 would confirm that a short term low has been posted. If March resumes this month's decline, the reaction low crossing at 79.82 is the next downside target. First resistance is the 20 day moving average crossing at 80.67. Second resistance is the reaction high crossing at 81.44. First support is 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 higher on Friday. 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 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 136.36 would confirm that a short term top has been posted. If March extends the aforementioned rally, the reaction high crossing at 138.34 is the next upside target. First resistance is 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 136.36. Second support is the reaction low crossing at 135.62.

The March British Pound closed lower on Friday as it consolidates some of this month'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 have turned bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1.6513 would confirm that a short term top has been posted. If March resumes the rally off last week's low, monthly resistance crossing at 1.7043 is the next upside target. First resistance is 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 1.6513. Second support is February's low crossing at 1.6247.

The March Swiss Franc closed higher on Friday. 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 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 .11155 would confirm that a short term top has been posted. First resistance is Wednesday's high crossing at .11294. Second resistance is December's high crossing at .11373. First support is the 10 day moving average crossing at .11199. Second support is the 20 day moving average crossing at .11155.

The March Canadian Dollar closed lower on Friday as it extends this week's decline. 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 bearish signaling that sideways to lower prices are possible near term. If March extends this 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 90.60 would confirm that a low has been posted. If March resumes this month's rally, the 38% retracement level of the September-January decline crossing at 92.32 is the next upside target. First resistance is 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 today's low crossing at 89.27. Second support is this month's low crossing at 88.99.

The March Japanese Yen closed lower on Friday. Today's mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. Multiple closes below the 20 day moving average crossing at .9786 are needed to confirm that a short term top has been posted. 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. 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 today's low crossing at .9725. Second support is the reaction low crossing at .9672.


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