Currency Market Summary for Week Ending March 14th

The June 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If June extends the decline off February's high, monthly support crossing at 78.91 is the next downside target. Closes above the 20 day moving average crossing at 80.13 are needed to confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 80.13. Second resistance is the reaction high crossing at 80.74. First support is Thursday's low crossing at 79.37. Second support is monthly support crossing at 78.91.

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The June Euro closed higher on Friday as it extends the rally off February's low. 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 neutral to bullish signaling that additional gains are possible near term. If June extends the rally off February's low, monthly resistance crossing at 142.12 is the next upside target. Closes below the 20 day moving average crossing at 137.85 are needed to confirm that a short term top has been posted. First resistance is Thursday's high crossing at 139.66. Second resistance is monthly resistance crossing at 142.12. First support is the 20 day moving average crossing at 137.85. Second support is the reaction low crossing at 137.09.

The June British Pound closed slightly 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 turning neutral to bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 1.6663 would temper the near term bearish outlook. If June resumes the rally off February's low, monthly resistance crossing at 1.7043 is the next upside target. Closes below the reaction low crossing at 1.6570 would confirm a downside breakout of a four week old trading range and would open the door for additional weakness near term. First resistance is February's high crossing at 1.6805. Second resistance is monthly resistance crossing at 1.7043. First support is the reaction low crossing at 1.6570. Second support is February's low crossing at 1.6239.

The June 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 diverging but are neutral to bullish signaling that sideways to higher prices are possible near term. If June extends the rally off January's low, weekly resistance crossing at .11615 is the next upside target. Closes below the 20 day moving average crossing at .11328 would confirm that a short term top has been posted. First resistance is Thursday's high crossing at .11503. Second resistance is weekly resistance crossing at .11615. First support is the 20-day moving average crossing at .11328. Second support is the reaction low crossing at .11209.

The June Canadian Dollar closed lower on Friday as it extends the trading range of the past three weeks. The mid range close sets the stage for a steady 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 reaction high crossing at 91.06 would confirm that a low has been posted. If June renews the decline off February's high, February's low crossing at 88.85 is the next downside target. First resistance is the reaction high crossing at 91.06. Second resistance is February's high crossing at 91.38. First support is the reaction low crossing at 89.10. Second support is February's low crossing at 88.85.

The June Japanese Yen closed higher on Friday as it extends this week's rally. Today's high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If June extends this week's rally, February's high crossing at .9930 is the next upside target. Closes below the 10 day moving average crossing at .9770 would confirm that a short term top has been posted. First resistance is the reaction high crossing at .9889. Second resistance is February's high crossing at .9930. First support is the 10 day moving average crossing at .9770. Second support is last Friday's low crossing at .9641.

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