The December Dollar posted an inside day with a lower close on Wednesday as it consolidates some of this summer's rally. The mid-range close sets the stage for a steady opening when Thursday'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 December extends the rally off May's low, weekly resistance crossing at 84.96 is the next upside target. Closes below the 20 day moving average crossing at 82.83 would confirm that a short term top has been posted. First resistance is Tuesday's high crossing at 84.65. Second resistance is weekly resistance crossing at 84.96. First support is the 10 day moving average crossing at 83.52. Second support is the 20 day moving average crossing at 82.83.
The December Euro closed slightly lower on Wednesday. The mid range close sets the stage for a steady opening when Thursday'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 December extends this summer's decline, the July 2013 low crossing at 128.50 is the next downside target. Closes above the 20 day moving average crossing at 131.78 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at 130.52. Second resistance is the 20 day moving average crossing at 131.78. First support is Tuesday's low crossing at 128.71. Second support is the July 2013 low crossing at 128.50.
How to Determine the Safe Levels to Take Weekly Options Trades
The December British Pound closed sharply higher on Wednesday as it consolidated some of the decline off July's high. The high range close sets the stage for a steady to higher opening when Thursday'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 December extends the decline off July's high, the 50% retracement level of the 2013-2014 rally crossing at 1.6007 is the next downside target. Closes above Monday's gap crossing at 1.6273 would confirm that a low has been posted. First resistance is Monday's gap crossing at 1.6273. Second resistance is the 10 day moving average crossing at 1.6359. First support is today's low crossing at 1.6039. Second support is the 50% retracement level of the 2013-2014 rally crossing at 1.6007.
The December Swiss Franc closed lower on Wednesday as it extends the decline off March's high. The low range close sets the stage for a steady to lower opening when Thursday'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 December extends the decline off July's high, the 87% retracement level of the 2013-2014 rally crossing at 1.0518 is the next downside target. Closes above the 20-day moving average crossing at 1.0907 would confirm that a low has been posted. First resistance is the 10 day moving average crossing at 1.0818. Second resistance is the 20 day moving average crossing at 1.0907. First support is the 75% retracement level of the 2013-2014 rally crossing at 1.0653. Second support is the 87% retracement level of the 2013-2014 rally crossing at 1.0518.
The December Canadian Dollar closed higher due to short covering on Wednesday. The high range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 90.70 would confirm that a top has been posted while opening the door for additional weakness near term. Closes above the 10 day moving average crossing at 91.49 would temper the near term bearish outlook. First resistance is the 10 day moving average crossing at 91.49. Second resistance is the reaction high crossing at 92.26. First support is the 62% retracement level of the March-July rally crossing at 90.40. Second support is the 75% retracement level of the March-July rally crossing at 89.67.
The December Japanese Yen closed lower on Wednesday as it extends this summer's decline. Today's low range close sets the stage for a steady to lower opening when Thursday'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 December extends the decline off June's high, weekly support crossing at .9013 is the next downside target. Closes above the 20 day moving average crossing at .9610 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at .9524. Second resistance is the 20 day moving average crossing at .9610. First support is today's low crossing at .9365. Second support is weekly support crossing at .9013.
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