Currency Market Update for Week Ending March 7th

The June U.S. Dollar closed higher due to short covering 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 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 80.50 are needed to confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 80.37. Second resistance is the reaction high crossing at 80.74. First support is today's low crossing at 79.59. Second support is monthly support crossing at 78.91.

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The June Euro closed slightly higher 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 diverging but are neutral to bullish signaling that sideways to higher prices 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 137.23 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 139.13. Second resistance is monthly resistance crossing at 142.12. First support is the 20 day moving average crossing at 137.23. Second support is the reaction low crossing at 136.44.

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The June British Pound closed lower on Friday as it extends the trading range of the past three weeks. 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 bearish hinting that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 1.6631 would confirm that a short term top has been posted. If June resumes the rally off February's low, monthly resistance crossing at 1.7043 is the next upside target. First resistance is February's high crossing at 1.6805. Second resistance is monthly resistance crossing at 1.7043. First support is the 20 day moving average crossing at 1.6631. Second support is February's low crossing at 1.6239.

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The June Swiss Franc closed higher on Friday as it extends this winter's rally. The mid 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 have turned 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 .11259 would confirm that a short term top has been posted. First resistance is today's high crossing at .11443. Second resistance is weekly resistance crossing at .11615. First support is the 20 day moving average crossing at .11259. Second support is the reaction low crossing at .11209.

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The June Canadian 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 neutral to bullish hinting that a short term low might be in or is near. If June extends this week's rally, February's high crossing at 91.38 is the next upside target. If June renews the decline off February's high, February's low crossing at 88.85 is the next downside target. First resistance is February's high crossing at 91.38. Second resistance is the 25% retracement level of the September-January decline crossing at 91.69 . First support is the reaction low crossing at 89.10. Second support is February's low crossing at 88.85.

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The June Japanese Yen closed lower on Friday as it extends this week's downside breakout of February's trading range. Today's mid range close sets the stage for a steady 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 June extends the decline off February's high, the reaction low crossing at .9548 is the next downside target. Closes above the 10 day moving average crossing at .9778 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at .9778. Second resistance is the 50% retracement level of the October-January decline crossing at .9817. Second resistance is the 62% retracement level of the October-January decline crossing at .10017. First support is today's low crossing at .9641. Second support is the reaction low crossing at .9548.

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