Currency Market Summary for Week Ending Friday August 28th

The September Dollar closed higher due to short covering on Friday as it extends the rally off August'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 neutral to bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 96.45 are needed to confirm that a low has been posted. If September resumes the decline off August's high, the 62% retracement level of the 2014-2015 rally crossing at 91.04 is the next downside target. First resistance is the 20 day moving average crossing at 95.45. Second resistance is the reaction high crossing at 97.11. First support is Monday's low crossing at 92.52. Second support is the 62% retracement level of the 2014-2015 rally crossing at 91.04.

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The September Euro closed lower on Friday as it extends this week's decline. 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 bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 111.40 are needed to confirm that a short term top has been posted. If September renews the rally off July's low, the 38% retracement level of the 2014-2015 decline crossing at 118.09 is the next upside target. First resistance is Monday's high crossing at 117.18. Second resistance is the 38% retracement level of the 2014-2015 decline crossing at 118.09. First support is the 20 day moving average crossing at 111.40. Second support is the reaction low crossing at 110.20.

The September British Pound closed lower on Friday as it extended its decline off Tuesday's high. The mid 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 September extends this week's decline, July's low crossing at 1.5323 is the next downside target. Closes above the 10 day moving average crossing at 1.5604 would confirm that a short term low has been posted. First resistance is Tuesday's high crossing at 1.5817. Second resistance is June's high crossing at 1.5924. First support is July's low crossing at 1.5323. Second support is June's low crossing at 1.5160.

The September Swiss Franc closed higher on Friday. 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 bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 1.0333 are needed to confirm that a short term top has been posted. If September renews the rally off August's low, the 87% retracement level of the May-August decline crossing at 1.0922 is the next upside target. First resistance is Monday's high crossing at 1.0809. Second resistance is the 87% retracement level of the May-August decline crossing at 1.0922. First support is the 20 day moving average crossing at 1.0333. Second support is the reaction low crossing at 1.0213.

The September Canadian Dollar closed slightly higher due to short covering on Friday. The mid range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the reaction high crossing at 77.20 are needed to confirm that a low has been posted. If September extends the decline off May's high, weekly support crossing at 73.92 is the next downside target. First resistance is the reaction high crossing at 77.20. Second resistance is the reaction high crossing at 77.73. First support is Wednesday's low crossing at 74.93. Second support is weekly support crossing at 73.92.

The September Japanese Yen closed lower on Friday as it extends the correction off Monday's high. 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 bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at .8126 are needed to confirm that a short term top has been posted. If September renews this month's rally, January's high crossing at .8640 is the next upside target. First resistance is Monday's high crossing at .8591. Second resistance is January's high crossing at .8640. First support is the 10 day moving average crossing at .8216. Second support is the 20 day moving average crossing at .8126.

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This Weeks Currency and Forex Market Summary

The September U.S. Dollar closed higher on Friday as it extends this week's rally. 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. Multiple closes above the 20 day moving average crossing at 95.47 are needed to confirm that a low has been posted. If September resumes the decline off May's high, the 50% retracement level of the September-March rally crossing at 93.06 is the next downside target. First resistance is the 20 day moving average crossing at 95.47. Second resistance is the reaction high crossing at 97.34. First support is last Thursday's low crossing at 93.30. Second support is the 50% retracement level of the September-March rally crossing at 93.06.

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The September Euro closed lower on Friday as it extended this week's decline below the 20 day moving average crossing at 112.52. 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 bearish signaling that sideways to lower prices are possible near term. If September extends this week's decline, the reaction low crossing at 110.64 is the next downside target. If September renews the rally off May's low, May's high crossing at 114.85 is the next upside target. First resistance is May's high crossing at 114.85. Second resistance is the February's high crossing at 115.60. First support is the reaction low crossing at 110.64. Second support is May's low crossing at 108.37.

The September Swiss Franc closed higher due to short covering on Friday as it consolidates some of this week's decline but remains below the 20 day moving average crossing at 1.0774. 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 bearish signaling that sideways to lower possible near term. If September extends this week's decline, May's low crossing at 1.0526 is the next downside target. If September renews the rally off May's low, May's high crossing at 1.1042 is the next upside target. First resistance is last Thursday's high crossing at 1.0964. Second resistance is May's high crossing at 1.1042. First support is May's low crossing at 1.0526. Second support is the reaction low crossing at 1.0373.

The September Canadian Dollar closed unchanged 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 September extends this week's decline, June's low crossing at 79.46 is the next downside target. If September resumes this month's rally, May's high crossing at 83.75 is the next upside target. First resistance is last Thursday's high crossing at 82.35. Second resistance is May's high crossing at 83.75. First support is Wednesday's low crossing at 80.39. Second support is June's low crossing at 79.46.

The September Japanese Yen 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If September extends this month's rally, the reaction high crossing at .8300 is the next upside target. If September renews this year's decline, monthly support crossing at .7415 is the next downside target. First resistance is last Thursday's high crossing at .8180. Second resistance is the reaction high crossing at .8300. First support is June's low crossing at .7956. Second support is monthly support crossing at .7415.

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Currency Market Summary and Recap for Week Ending January 16th - Dollar, Franc, Euro, Pound, Yen

The March U.S. Dollar 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 Tuesday's night session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 91.29 would confirm that a short term top has been posted. If March extends the rally off October's low, weekly resistance crossing at 94.32 is the next upside target. First resistance is today's high crossing at 93.56. Second resistance is weekly resistance crossing at 94.32. First support is the 10 day moving average crossing at 92.28. Second support is the 20 day moving average crossing at 91.29.

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The March Euro closed lower on Friday as it extends this winter's decline. The mid range close sets the stage for a steady opening when Tuesday'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 March extends this winter's decline, monthly support crossing at 112.75 is the next downside target. Closes above the 20 day moving average crossing at 119.87 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 117.96. Second resistance is the 20 day moving average crossing at 119.75. First support is today's low crossing at 114.67. Second support is weekly support crossing at 112.75.

The March British Pound closed lower on Friday. The mid range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near term. If March extends the decline off July's high, monthly support crossing at 1.4806 is the next downside target. Closes above the 20 day moving average crossing at 1.5351 are needed to confirm that a low has been posted. First resistance is Thursday's high crossing at 1.5261. Second resistance is the 20 day moving average crossing at 1.5351. First support is last Thursday's low crossing at 1.5027. Second support is monthly support crossing at 1.4806.

The March Swiss Franc closed higher on Friday as it extended Thursday's huge rally. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If March extends this week's rally, monthly resistance crossing at 1.2503 is the next upside target. Closes below the 20 day moving average crossing at 1.0172 would confirm that a short term top has been posted. First resistance is Thursday's high crossing at 1.1862. Second resistance is monthly resistance crossing at 1.2503. First support is Wednesday's low crossing at 0.9777. Second support is monthly support crossing at 0.9421.

The March Canadian Dollar closed slightly higher on Friday. The high range close sets the stage for a steady to higher opening when Tuesday'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 March extends this winter's decline, monthly support crossing at 80.30 is the next downside target. Closes above the 20 day moving average crossing at 84.90 are needed to confirm that a low has been posted. First resistance is the 20 day moving average crossing at 84.90. Second resistance is the reaction high crossing at 86.33. First support is today's low crossing at 82.90. Second support is monthly support crossing at 80.30.

The March Japanese Yen closed lower on Friday marking a downside reversal. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought and 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 .8398 would confirm that a short term top has been posted. If March extends this week's rally, December's high crossing at .8663 is the next upside target. First resistance is December's high crossing at .8663. Second resistance is the 25% retracement level of the 2013-2014 decline crossing at .8773. First support the reaction low crossing at .8282. Second support is December's low crossing at .8219.

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Extreme Currency Market Summary for Week Ending January 2nd

The March U.S. Dollar gapped up and closed higher on Friday as it extends last year's rally. 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 the rally off October's low, weekly resistance crossing at 92.53 is the next upside target. Closes below the 20-day moving average crossing at 89.60 would confirm that a short term top has been posted. First resistance is today's high crossing at 91.43. Second resistance is weekly resistance crossing at 92.53. First support is the 20 day moving average crossing at 89.60. Second support is December's low crossing at 87.83.

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The March Euro closed sharply lower on Friday as it extends last year's decline. 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 March extends last year's decline, monthly support crossing at 118.74 is the next downside target. Closes above the 20 day moving average crossing at 122.87 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 122.87. Second resistance is December's high crossing at 125.79. First support is today's low crossing at 120.09. Second support is weekly support crossing at 118.74.

The March British Pound closed sharply lower on Friday marking a downside breakout of the November-December trading range. 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 with today's decline signaling that sideways to lower prices are possible near-term. If March extends the decline off July's high, monthly support crossing at 1.4806 is the next downside target. Closes above the 20 day moving average crossing at 1.5597 are needed to confirm that a low has been posted. First resistance is the 20 day moving average crossing at 1.5597. Second resistance is the reaction high crossing at 1.5776. First support is today's low crossing at 1.5318. Second support is monthly support crossing at 1.4806.

The March Swiss Franc closed lower on Friday as it extends last year's decline. 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 bearish signaling that sideways to lower prices are possible near term. If March extends last year's decline, monthly support crossing at 0.9824 is the next downside target. Closes above the 20-day moving average crossing at 1.0226 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at 1.0132. Second resistance is the 20 day moving average crossing at 1.0226. First support is today's low crossing at 0.9998. Second support is monthly support crossing at 0.9824.

The March Canadian Dollar closed sharply lower on Friday marking a downside breakout of December's trading range. The low range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI turned neutral to bearish with today's decline signaling that sideways to lower prices are possible near term. If March extends last year's decline, monthly support crossing at 83.89 is the next downside target. Closes above the 20 day moving average crossing at 86.41 are needed to confirm that a low has been posted. First resistance is the 20 day moving average crossing at 86.41. Second resistance is November's high crossing at 89.12. First support is today's low crossing at 84.86. Second support is monthly support crossing at 83.89.

The March Japanese Yen 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 March renews the decline off December's high, December's low crossing at .8219 is the next downside target. Closes above Tuesday's high crossing at .8419 are needed to confirm that a low has been posted. First resistance is December's high crossing at .8663. Second resistance is the 25% retracement level of the 2013-2014 decline crossing at .8773. First support is December's low crossing at .8219. Second support is weekly support crossing at .8171.

Currency Market Summary for Monday October 13th

The December Dollar closed lower on Monday. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 85.43 would confirm that a short term top has been posted. If December renews the rally off May's low, weekly resistance crossing at 87.00 is the next upside target. First resistance is October's high crossing at 86.87. Second resistance is weekly resistance crossing at 87.00. First support is the 20 day moving average crossing at 85.43. Second support is the reaction low crossing at 84.00.

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The December Euro closed higher on Monday. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If December extends this summer's decline, monthly support crossing at 124.56 is the next downside target. Closes above the 20 day moving average crossing at 127.40 are needed to confirm that a low has been posted. First resistance is the 20 day moving average crossing at 127.40. Second resistance is the reaction high crossing at 130.06. First support is October's low crossing at 125.06. Second support is weekly support crossing at 124.56.

The December British Pound closed higher on Monday. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If December resumes the decline off July's high, the 62% retracement level of the 2013-2014 rally crossing at 1.5732 is the next downside target. First resistance is the 20 day moving average crossing at 1.6200. Second resistance is the reaction high crossing at 1.6515. First support is October's low crossing at 1.5941. Second support is the 62% retracement level of the 2013-2014 rally crossing at 1.5732.

The December Swiss Franc closed higher on Monday. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 1.0541 would confirm that a low has been posted. If December extends the decline off July's high, monthly support crossing at 1.0166 is the next downside target. First resistance is the 20 day moving average crossing at 1.0541. Second resistance is the reaction high crossing at 1.0761. First support is October's low crossing at 1.0333. Second support is monthly support crossing at 1.0166.

The December Canadian Dollar closed higher on Monday. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If December extends the decline off July's high, the March low crossing at 88.31 is the next downside target. Closes above the 20 day moving average crossing at 89.83 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 89.93. Second resistance is the reaction high crossing at 91.67. First support is October's low crossing at 88.57. Second support is March's low crossing at 88.31.

The December Japanese Yen gapped up and closed higher on Monday as it extended this month's rally. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remains neutral to bullish signaling that sideways to higher prices are possible near term. If December extends this month's rally, the 38% retracement level of this year's decline crossing at .9415 is the next upside target. Closes below the 20 day moving average crossing at .9213 would confirm that a short term low has been posted. First resistance is today's high crossing at .9344. Second resistance is the 38% retracement level of this year's decline crossing at .9415. First support is October's low crossing at .9088. Second support is weekly support crossing at .9013.

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Week Ending Currency Market Summary for Thursday July 3rd

The September Euro currency closed down 46 points at 1.3612 today. Prices closed nearer the session low and closed at a bearish weekly low close today. The Euro bulls and bears are on a level overall near term technical playing field but the bulls are fading.

The September Japanese Yen closed down 37 points at .9789 today. Prices closed nearer the session low today, hit a two week low and closed at a bearish weekly low close. The bulls have lost their slight near term technical advantage. A four week old uptrend on the daily bar chart was negated today.

The September Swiss Franc closed down 53 points at 1.1200 today. Prices closed near mid range, hit a two week low and closed at a bearish weekly low close today. The bulls have lost their near term technical advantage. A four week old uptrend on the daily bar chart was negated today.

The September Canadian Dollar closed up 33 points at .9389 today. Prices closed nearer the session high and scored a bullish outside day up on the daily bar chart. Prices also hit another seven month high and closed at a bullish weekly high close today. The bulls have the solid near term technical advantage. A three month old uptrend is in place on the daily bar chart.

The September British Pound closed down 11 points at 1.7142 today. Prices closed nearer the session high. The bulls have the solid overall near term technical advantage.

The September U.S. Dollar index closed up 0.270 at 80.255 today. Prices closed near mid range on short covering in a bear market. Prices did close at a bullish weekly high close today. The greenback bears still have the near term technical advantage.

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Currency Market Summary for Monday Morning June 2nd

The June U.S. Dollar was higher overnight. Stochastics and the RSI are overbought and 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 80.06 are needed to confirm that a short term top has been posted. If June extends the rally off May's low, April's high crossing at 80.77 is the next upside target. First resistance is the overnight high crossing at 80.63. Second resistance is April's high crossing at 80.77. First support is the 20 day moving average crossing at 80.06. Second support is the reaction low crossing at 79.93.

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The June Euro was lower overnight. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 137.16 are needed to confirm that a low has been posted. If June extends the decline off May's high, the 38% retracement level of the 2013-2014 rally crossing at 135.45 is the next downside target. First resistance is the 10 day moving average crossing at 136.43. Second resistance is the 20 day moving average crossing at 137.16. First support is last Wednesday's low crossing at 136.08. Second support is the 38% retracement level of the 2013-2014 rally crossing at 135.45.

The June British Pound was lower overnight. Stochastics and the RSI are turning neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 1.6830 would confirm that a short term low has been posted. If June extends the decline off May's high, the reaction low crossing at 1.6640 is the next downside target. First resistance is the 20 day moving average crossing at 1.6830. Second resistance is the reaction high crossing at 1.6919. First support is the reaction low crossing at 1.6640. Second support is the reaction low crossing at 1.6545.

The June Swiss Franc was lower overnight and is poised to extend the decline off May's high. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 1.1240 are needed to confirm that a low has been posted. If June extends the aforementioned decline, the 75% retracement level of the January-March rally crossing at 1.1160 is the next downside target. First resistance is the 10 day moving average crossing at 1.1170. Second resistance is the 20 day moving average crossing at 1.1240. First support is last Wednesday's low crossing at 1.1124. Second support is the 75% retracement level of the January-March rally crossing at 1.1086.

The June Canadian Dollar was slightly lower overnight. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near term. If June renews the rally off March's low, the 38% retracement level of the 2013-2014 decline crossing at 92.96 is the next upside target. Closes below the 20 day moving average crossing at 91.85 are needed to confirm that a short term top has been posted. First resistance is the reaction high crossing at 92.40. Second resistance is the 38% retracement level of the 2013-2014 decline crossing at 92.96. First support is the 20 day moving average crossing at 91.85. Second support is the reaction low crossing at 90.35.

The June Japanese Yen was lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near term. From a broad perspective, June needs to close above .9930 or below .9598 to confirm a breakout of a four month old trading range. First resistance is May's high crossing at .9920. Second resistance is February's high crossing at .9930. First support is the reaction low crossing at .9771. Second support is May's low crossing at .9687.

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Currency/Forex Market Summary for Wednesday April 30th

The June U.S. Dollar posted a key reversal down on Wednesday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near term. If June renews the decline off April's high, weekly support crossing at 78.91 is the next downside target. Closes above the 20 day moving average crossing at 79.96 are needed to confirm that a double bottom with March's low has been posted. First resistance is the 20 day moving average crossing at 79.93. Second resistance is April's high crossing at 80.77. First support is March's low crossing at 79.37. Second support is weekly support crossing at 78.91.

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The June Euro closed higher on Wednesday while extending the trading range of the past three weeks. 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 turning neutral to bullish signaling that sideways to higher prices are possible near term. If June renews the rally off April's low, March's high crossing at 139.66 is the next upside target. Closes below the reaction low crossing at 137.82 would confirm that a short term top has been posted. First resistance is the reaction high crossing at 139.03. Second resistance is March's high crossing at 139.66. First support is the reaction low crossing at 137.82. Second support is April's low crossing at 136.69.

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The June British Pound closed higher on Wednesday as it extends this year's rally. 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 overbought , diverging but remain neutral to bullish signaling that sideways to higher prices are possible near term. If June extends the rally off March's low, weekly resistance crossing at 1.7043 is the next upside target. Multiple closes below the 20 day moving average crossing at 1.6744 would confirm that a short term top has been posted. First resistance is today's high crossing at 1.6895. Second resistance is weekly resistance crossing at 1.7043. First support is the 20 day moving average crossing at 1.6744. Second support is the reaction low crossing at 1.6640.

The June Swiss Franc closed higher 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 turning neutral to bullish signaling that sideways to higher prices are possible near term. If June renews the rally off April's low, March's high crossing at .11503 is the next upside target. If June renews the decline off April's high, April's low crossing at 1.1175 is the next downside target. First resistance is April's high crossing at .11443. Second resistance is March's high crossing at .11503. First support is last Tuesday's low crossing at .11289. Second support is the 62% retracement level of the January-March rally crossing at .11160.

The June Canadian Dollar closed slightly higher 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 bullish signaling that sideways to higher prices are possible near term. If June extends this week's rally, April's high crossing at 91.95 is the next upside target. If June renews the decline off April's high, the reaction low crossing at 89.45 is the next downside target. First resistance is April's high crossing at 91.95. Second resistance is the 38% retracement level of the 2013-2014 decline crossing at 92.96. First support is last Tuesday's low crossing at 90.43. Second support is April's low crossing at 88.45.

The June Japanese Yen closed higher on Wednesday. Today's high range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. If June renews the rally off April's low, February's high crossing at .9930 is the next upside target. If June renews the decline off April's high, April's low crossing at .9598 is the next downside target. First resistance is March's high crossing at .9886. Second resistance is February's high crossing at .9930. First support is Tuesday's low crossing at .9732. Second support is April's low crossing at .9598.

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Currency Market Summary for Good Friday April 18th

The June U.S. Dollar closed slightly higher due to short covering on Thursday. 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 bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 80.07 would confirm that a double bottom with March's low has been posted. If June renews this month's decline, weekly support crossing at 78.91 is the next downside target. First resistance is the 20 day moving average crossing at 80.07. Second resistance is April's high crossing at 80.77. First support is last Thursday's low crossing at 79.38. Second support is weekly support crossing at 78.91.


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The June Euro closed slightly lower on Thursday. 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 bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 137.95 would confirm that a short term top has been posted. If June renews last week's rally, March's high crossing at 139.66 is the next upside target. First resistance is last Friday's high crossing at 139.03. Second resistance is March's high crossing at 139.66. First support is the 20 day moving average crossing at 137.95. Second support is April's low crossing at 136.69.

The June British Pound closed slightly lower on Thursday but not before posting a new high for the year. 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 turning neutral to bullish signaling that sideways to higher prices are possible near term. If June extends the rally off March's low, weekly resistance crossing at 1.7043 is the next upside target. Multiple closes below the 20 day moving average crossing at 1.6650 would confirm that a short term top has been posted. First resistance is today's high crossing at 1.6834. Second resistance is weekly resistance crossing at 1.7043. First support is the 20 day moving average crossing at 1.6650. Second support is the reaction low crossing at 1.6545.

The June Swiss Franc closed lower due to profit taking on Thursday as it consolidates some of the rally off April's low. 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 bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at .11326 are needed to confirm that a short term top has been posted. If June renews the rally off April's low, March's high crossing at .11503 is the next upside target. First resistance is last Friday's high crossing at .11443. Second resistance is March's high crossing at .11503. First support is the 20 day moving average crossing at .11326. Second support is the 62% retracement level of the January-March rally crossing at .11160.

The June Canadian Dollar closed slightly higher on Thursday. 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 bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 90.55 are needed to confirm that a short term top has been posted. If June renews the rally off March's low, the 38% retracement level of the 2013-2014 decline crossing at 92.96 is the next upside target. First resistance is last Wednesday's high crossing at 91.95. Second resistance is the 38% retracement level of the 2013-2014 decline crossing at 92.96. First support is the 20 day moving average crossing at 90.55. Second support is April's low crossing at 88.45.

The June Japanese Yen closed lower on Thursday. Today's 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 neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at .9763 would confirm that a short term top has been posted. If June renews this month's rally, February's high crossing at .9930 is the next upside target. First resistance is March's high crossing at .9886. Second resistance is February's high crossing at .9930. First support is the 20 day moving average crossing at .9763. Second support is this month's low crossing at .9598.

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Currency Market Summary for Week Ending February 28th

The March Dollar closed sharply lower on Friday as it renewed February's decline. 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 turning neutral to bearish signaling that additional weakness is possible near term. If March extends the decline off February's high, December's low crossing at 79.50 is the next downside target. Closes above the 20 day moving average crossing at 80.49 are needed to confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 80.49. Second resistance is the reaction high crossing at 80.91. First support is today's low crossing at 79.70. Second support is December's low crossing at 79.50.

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The March Euro closed higher on Friday as it renews 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 diverging but turning neutral to bullish signaling that sideways to higher prices are possible near term. If March extends the rally off February's low, December's high crossing at 138.93 is the next upside target. Closes below the 20 day moving average crossing at 136.59 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 138.26. Second resistance is December's high crossing at 138.93. First support is the 20 day moving average crossing at 136.59. Second support is the reaction low crossing at 135.62.

The March British Pound closed higher on Friday as it extends the trading range of the past two weeks. 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. If March resumes the rally off February's low, monthly resistance crossing at 1.7043 is the next upside target. Closes below the 20 day moving average crossing at 1.6550 would confirm that a short term top has been posted. 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 1.6550. Second support is February's low crossing at 1.6247.

The March Swiss Franc closed higher on Friday and posted a new contract high. 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 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 .11187 would confirm that a short term top has been posted. First resistance is today's high crossing at .11398. Second resistance is weekly resistance crossing at .11615. First support is the 20 day moving average crossing at .11187. Second support is the reaction low crossing at .11067.

The March Canadian Dollar 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 turning neutral to bullish hinting that a short term low might be in or is near. Multiple closes above the 20 day moving average crossing at 90.34 are needed to temper the near term bearish outlook. If March renews the decline off last week's high, February's low crossing at 88.99 is the next downside target. 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 Friday as it extends the trading range of the past three weeks. 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 have turned bullish signaling that sideways to higher prices are possible near term. 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 renews the decline off February's high, 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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FMC: Currency/Forex Market Summary for Monday January 6th

The March Dollar closed lower due to profit taking on Monday as it consolidates some of the rally off December's low. The low range close sets the stage for a steady to lower opening when Tuesday'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 81.00 would renew the rally off December's low and open the door for additional gains during January. Closes below the 20 day moving average crossing at 80.46 would temper the near term friendly outlook. First resistance is the reaction high crossing at 81.00. Second resistance is December's high crossing at 81.18. First support is the 20 day moving average crossing at 80.46. Second support is December's low crossing at 79.50.

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The March Euro closed higher due to short covering on Monday as it consolidated some of last week's decline. Today's high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If March extends last week's decline, the reaction low crossing at 135.26 is the next downside target. Closes above the 20 day moving average crossing at 137.16 are needed to confirm that a low has been posted. First resistance is the 20 day moving average crossing at 137.16. Second resistance is December's high crossing at 138.93. First support is today's low crossing at 135.71. Second support is the reaction low crossing at 135.26.

The March British Pound closed lower on Monday. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the reaction low crossing at 1.6314 would confirm that a short term top has been posted. If March extends the rally off November's low, monthly resistance crossing at 1.6738 is the next upside target. First resistance is Tuesday's high crossing at 1.6572. Second resistance is monthly resistance crossing at 1.6738. First support is the reaction low crossing at 1.6314. Second support is the reaction low crossing at 1.6203.

The March Swiss Franc closed higher due to short covering on Monday but remains below November's broken uptrend line. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices is possible near term. If March extends last week's decline, the 38% retracement level of 2013's rally crossing at .10942 is the next downside target. Closes above the 20 day moving average crossing at .11210 would temper the near term bearish outlook. First resistance is the 20 day moving average crossing at .11210. Second resistance is December's high crossing at .11373. First support is today's low crossing at .11030. Second support is the 38% retracement level of 2013's rally crossing at .10942.

The March Canadian Dollar closed lower on Monday as it extends December's trading range. The low range close sets the stage for a steady to lower opening when Tuesday'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 94.46 are needed to confirm an upside breakout of December's trading range has been posted. If March renews this fall's decline, weekly support crossing at 92.13 is the next downside target. First resistance is December's high crossing at 94.46. Second resistance is the reaction high crossing at 95.73. First support is December's low crossing at 92.93. Second support is weekly support crossing at 92.13.

The March Japanese Yen closed higher on Monday as it extended the short covering rally off last week's low. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at .9632 are needed to confirm that a short term low has been posted. If March renews the decline off October's high, weekly support crossing at .9421 is the next downside target. First resistance is the 20 day moving average crossing at .9632. Second resistance is the reaction high crossing at .9793. First support is last Thursday's low crossing at .9486. Second support is weekly support crossing at .9421.

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Mid Week Currency Market Commentary - U.S. Dollar, Euro, British Pound, Swiss Franc, Canadian Dollar, Yen - for Tuesday Evening December 3rd

The U.S. 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 turning neutral to bullish signaling that sideways to higher prices are possible near term. If March renews the rally off October's low, the 50% retracement level of the July-October decline crossing at 82.26 is the next upside target. If March extends the decline off November's high, the November 1st gap crossing at 79.98 is the next downside target. First resistance is the 38% retracement level of the July-October decline crossing at 81.57. Second resistance is the 50% retracement level of the July-October decline crossing at 82.26. First support is last Tuesday's low crossing at 80.67. Second support is the November 1st gap crossing at 79.98.

The March Euro closed higher on Tuesday and 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 and 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 134.95 are needed to confirm that the rally off November's low has ended. If March extends the rally off November's low, the reaction high crossing at 137.05 is the next upside target. First resistance is last Friday's high crossing at 136.23. Second resistance is the reaction high crossing at 137.05. First support is the 20 day moving average crossing at 134.95. Second support is the reaction low crossing at 134.02.

The March British Pound posted an inside day with a higher close on Tuesday leaving yesterday's downside reversal unconfirmed at this time. 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 the rally off November's low, monthly resistance crossing at 1.6738 is the next upside target. Closes below the 20 day moving average crossing at 1.6120 would confirm that a short term top has been posted. First resistance is Monday's high crossing at 1.6427. Second resistance is monthly resistance crossing at 1.6738. First support is the 10 day moving average crossing at 1.6219. Second support is the 20 day moving average crossing at 1.6120.

The March Swiss Franc closed higher on Tuesday as it extends the rally off November's low. 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 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 .10964 would confirm that a short term top has been posted. If March extends the aforementioned rally, the reaction high crossing at .11156 is the next upside target. First resistance is last Friday's high crossing at .11081. Second resistance is the reaction high crossing at .11156. First support is the reaction low crossing at .10891. Second support is November's low crossing at .10829.

The March Canadian Dollar closed lower on Tuesday and below key support marked by July's low crossing at 93.60 as it extends the decline off September's high. The mid-range close sets the stage for a steady opening when Wednesday'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 March extends this fall's decline, weekly support crossing at 92.13 is the next downside target. Closes above the 20 day moving average crossing at 94.86 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 94.43. Second resistance is the 20 day moving average crossing at 94.86. First support is today's low crossing at 93.45. Second support is weekly support crossing at 92.13.

The March Japanese Yen posted a key reversal up on Tuesday after spiking below key support marked by May's low crossing at .9710. The high range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Additional strength on Wednesday is needed to confirm today's key reversal up. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If March extends the decline off October's high, weekly support crossing at .9640 is the next downside target. Closes above the 20 day moving average crossing at .9967 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at .9854. Second resistance is the 20 day moving average crossing at .9967. First support is today's low crossing at .9680. Second support is weekly support crossing at .9640.

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FMC Market Summary for Tuesday August 20th

The September Dollar closed lower on Tuesday as it extends the decline off July's high. 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 diverging and have turned bearish signaling that sideways to lower prices are possible near term. If September extends the decline off July's high, June's low crossing at 80.61 is the next downside target. Closes above last Thursday's high crossing at 81.99 are needed to confirm that a short term low has been posted. First resistance is last Thursday's high crossing at 81.99. Second resistance is August's high crossing at 82.61. First support is today's low crossing at 80.77. Second support is June's low crossing at 80.61.

The September Euro closed higher on Tuesday as it extends the rally off July's low. 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 diverging but have turned bullish signaling that sideways to higher prices are possible near term. If September renews the rally off July's low, the 75% retracement level of the February-July decline crossing at 134.65 is the next upside target. Closes below the 20 day moving average crossing at 133.01 are needed to confirm that a short term top has been posted. First resistance is the 75% retracement level of the February-July decline crossing at 134.65. Second resistance is the 87% retracement level of the February-July decline crossing at 135.84. First support is the 20 day moving average crossing at 133.01. Second support is the reaction low crossing at 131.87.

The September British Pound closed higher on Tuesday as it extended the rally off July's low. 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 September extends the rally off July's low, June's high crossing at 1.5743 is the next upside target. Closes below the 20 day moving average crossing at 1.5425 would confirm that a short term top has been posted. First resistance is today's high crossing at 1.5695. Second resistance is June's high crossing at 1.5743. First support is the 20 day moving average crossing at 1.5425. Second resistance is the reaction low crossing at 1.5200.

The September Swiss Franc closed higher on Tuesday as it extended the rally off July's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. If September extends the rally off July's low, June's high crossing at .10962 is the next upside target. Closes below last Thursday's low crossing at .10644 would confirm that a short term top has been posted. First resistance is today's high crossing at .10936. Second resistance is June's high crossing at .10962. First support is last Thursday's low crossing at .10644. Second support is the reaction low crossing at .10555.

The September 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. Closes below the reaction low crossing at 95.64 are needed to confirm that a short term top has been posted. If September renews the rally off August's low, July's high crossing at 97.49 is the next upside target. First resistance is July's high crossing at 97.49. Second resistance is the 75% retracement level of the May-July decline crossing at 98.17. First support is the reaction low crossing at 95.64. Second support is the reaction low crossing at 95.52.

The September Japanese Yen 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 neutral to bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at .10217 would confirm that a short term top has been posted. If September renews the rally off July's low, June's high crossing at .10669 is the next upside target. First resistance is the reaction high crossing at .10440. Second resistance is June's high crossing at .10669. First support is the 20 day moving average crossing at .10217. Second support is the reaction low crossing at .10002.

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FMC Extreme Currency Market Summary for Week Ending August 16th

The September Dollar closed higher on Friday leaving yesterday's key reversal down unconfirmed. 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 bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 81.74 are needed to confirm that a short term low has been posted. If September renews the decline off July's high, June's low crossing at 80.61 is the next downside target. First resistance is the 20 day moving average crossing at 81.74. Second resistance is August's high crossing at 82.61. First support is last Thursday's low crossing at 80.89. Second support is June's low crossing at 80.61.

The September Euro 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 bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 132.64 are needed to confirm that a short term top has been posted. If September renews the rally off July's low, June's high crossing at 134.24 is the next upside target. First resistance is last Thursday's high crossing at 134.02. Second resistance is June's high crossing at 134.24. First support is the 20 day moving average crossing at 132.64. Second support is the reaction low crossing at 131.87.

The September British Pound closed lower due to profit taking on Friday as it consolidated some of the rally off July's low. The mid range close sets the stage for a steady 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 September extends the rally off last Friday's low, June's high crossing at 1.5743 is the next upside target. Closes below the 20 day moving average crossing at 1.5396 would confirm that a short term top has been posted. First resistance is today's high crossing at 1.5655. Second resistance is June's high crossing at 1.5743. First support is the 20 day moving average crossing at 1.5396. Second resistance is last Wednesday's low crossing at 1.5200.

The September Swiss Franc closed lower on Friday as it consolidated some of Thursday'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 are neutral to bearish signaling that additional weakness is still possible near term. If September extends Thursday's rally, June's high crossing at .10962 is the next upside target. If September renews the decline off last week's high, the reaction low crossing at .10653 is the next downside target. First resistance is August's high crossing at .10904. Second resistance is June's high crossing at .10962. First support is Thursday's low crossing at .10644. Second support is the reaction low crossing at .10555.

The September Canadian Dollar closed lower on Friday. The mid range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near term. Closes below last Wednesday's low crossing at 95.64 are needed to confirm that a short term top has been posted. If September renews the rally off last week's low, July's high crossing at 97.49 is the next upside target. First resistance is July's high crossing at 97.49. Second resistance is the 75% retracement level of the May-July decline crossing at 98.17. First support is last Wednesday's low crossing at 95.64. Second support is the reaction low crossing at 95.52.

The September Japanese Yen 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 bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at .10196 would confirm that a short term top has been posted. If September renews the rally off July's low, June's high crossing at .10669 is the next upside target. First resistance is last Thursday's high crossing at .10440. Second resistance is June's high crossing at .10669. First support is the 20 day moving average crossing at .10196. Second support is the reaction low crossing at .10002.

FMC Extreme Currency Market Summary for Thursday July 18th

The September Dollar closed higher due to short covering on Thursday as it consolidates some of Tuesday's decline. The mid range close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term. If September extends this month's decline, the 62% retracement level of the June-July rally crossing at 82.27 is the next downside target. Closes above the 10 day moving average crossing at 83.57 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 83.57. Second resistance is July's high crossing at 84.96. First support is Wednesday's low crossing at 82.47. Second support is the 62% retracement level of the June-July rally crossing at 82.27.

The September Euro closed slightly lower on Thursday as it consolidates some of Tuesday's rally. The high range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If September extends the rally off July's low, June's high crossing at 134.24 is the next upside target. Closes below the 10 day moving average crossing at 130.00 would confirm that a short term top has been posted. First resistance is last Thursday's high crossing at 132.12. Second resistance is June's high crossing at 134.24. First support is the 10 day moving average crossing at 130.00. Second support is July's low crossing at 127.55.

The September British Pound closed higher on Thursday as it extended yesterday's breakout above the 20-day moving average confirming that a short term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If September extends the rally off July's low, the reaction high crossing at 1.5298 is the next upside target. Closes below the 10 day moving average crossing at 1.5054 would confirm that a short term top has been posted. First resistance is the reaction high crossing at 1.5298. Second resistance is the reaction high crossing at 1.5523. First support is the 10-day moving average crossing at 1.5054. Second support is July's low crossing at 1.4806.

The September Swiss Franc closed lower due to profit taking on Thursday but remain above the 20 day moving average crossing at .10568. The low range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If September extends the rally off last week's low, the reaction high crossing at .10829 is the next upside target. Closes below the 10 day moving average crossing at .10497 would temper the near term friendly outlook. First resistance is Wednesday's high crossing at .10693. Second resistance is the reaction high crossing at .10829. First support is last Thursday's gap crossing at .10446. Second support is the 87% retracement level of the May-June rally crossing at .10284.

The September Canadian Dollar closed higher on Thursday as it extends this week's trading range above the 20 day moving average. The high range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term. If September renews the rally off last week's low, June's high crossing at 98.46 is the next upside target. Closes below the 20-day moving average crossing at 95.33 would confirm that a short term top has been posted. First resistance is last Thursday's high crossing at 96.69. Second resistance is June's high crossing at 98.46. First support is the 20 day moving average crossing at 95.33. Second support is July's low crossing at 94.09.

The September Japanese Yen closed lower on Thursday and below the reaction low crossing at .9949. The low range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near term. If September renews the decline off June's high, July's low crossing at .9852 is the next downside target. Closes above the reaction high crossing at .10184 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at .10184. Second resistance is the reaction high crossing at .10318. First support is July's low crossing at .9852. Second support is the reaction low crossing at .9757.

Mid Week Currency Market Update For The First Wednesday of 2012

The March Dollar closed higher due to short covering on Wednesday filling Tuesday's gap crossing at 80.36 but remains below the October-December uptrend line crossing near 80.60. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If March extends Tuesday's decline, December's low crossing at 78.52 is the next downside target. First resistance is December's high crossing at 81.41. Second resistance is the 62% retracement level of the 2010-2011 decline on the weekly continuation chart crossing at 82.89. First support is the reaction low crossing at 79.55. Second support is the reaction low crossing at 78.52.

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The March Euro closed lower on Wednesday and is poised to extend last year's decline. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 131.05 are needed to confirm that a short term low has been posted. If March extends the decline off October's high, the 75% retracement level of the 2010-2011 rally on the weekly continuation chart crossing at 126.39 is the next downside target. First resistance is the 20 day moving average crossing at 131.05. Second resistance is the reaction high crossing at 132.24. First support is last Thursday's low crossing at 128.69. Second support is the 75% retracement level of the 2010-2011 rally on the weekly continuation chart crossing at 126.39.

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The March British Pound posted an inside day with a lower close on Wednesday as it consolidated some of the rally off last Thursday's low. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 1.5761 are needed to confirm an upside breakout of December's trading range. If March renews last week's decline, October's low crossing at 1.5267 is the next downside target. First resistance is the reaction high crossing at 1.5761. Second resistance is the reaction high crossing at 1.5860. First support is last Thursday's low crossing at 1.5350. Second support is October's low crossing at 1.5267.

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The March Swiss Franc closed lower on Wednesday as it extends the trading range of the past six weeks. The low range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at .10839 are needed to confirm that a low has been posted. If March renews the decline off October's high, weekly support crossing at .10422 is the next downside target. First resistance is the reaction high crossing at .10839. Second resistance is the reaction high crossing at .10915. First support is December's low crossing at .10501. Second support is weekly support crossing at .10422.

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The March Canadian Dollar closed lower due to profit taking on Wednesday. However, the high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If March extends the rally off December's low, December's high crossing at 99.23 is the next upside target. Closes below the 20 day moving average crossing at 97.52 would temper the near term friendly outlook. First resistance is Tuesday's high crossing at 99.08. Second resistance is December's high crossing at 99.23. First support is December's low crossing at 95.73. Second support is November's low crossing at 94.85.

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The March Japanese Yen closed slightly lower due to light profit taking on Wednesday as it consolidated some of the rally off December's low. The mid range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term. If March extends the aforementioned rally, the reaction high crossing at .13101 is the next upside target. Closes below the 20 day moving average crossing at .12893 would temper the near term friendly outlook. First resistance is Tuesday's high crossing at .13070. Second resistance is the reaction high crossing at .13101. First support is the 20 day moving average crossing at .12893. Second support is December's low crossing at .12699. Second support is October's low crossing at .12609.

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Currency Market Summary For Tuesday November 22nd

The March Euro currency closed up 10 points at 1.3522 today. Prices closed nearer the session low. Bears have the solid overall near term technical advantage. Prices are in a four week old downtrend on the daily bar chart.

The March Japanese yen closed down 10 points at 1.3032 today. Prices closed nearer the session high today. Bulls have the near term technical advantage. Prices are in a three week old uptrend on the daily bar chart.

The March Swiss franc closed up 21 points at 1.0958 today. Prices closed near mid range today. Bears have the solid overall near term technical advantage.

The March Canadian dollar closed steady at .9610 today. Prices closed near mid range. Bears have the overall near term technical advantage.

The March British pound closed down 9 points at 1.5617 today. Prices closed nearer the session high today and hit a fresh six week low early on. Bears have the near term technical advantage.

The March U.S. dollar index closed down 2 points at 78.81 today. Prices closed near mid range today in quieter trading. Bulls have the overall near term technical advantage.


Just click here for your FREE trend analysis of the U.S. Dollar ETF UUP

The Key to Success is Having Discipline and Following MarketClub’s Trade Triangles

We have been on the right side of the markets for quite some time now.  It is in times like these when technical analysis really shines.  It doesn’t matter if you have a strong upward trend in gold or a downward spiraling trend in stocks, technical analysis works.

We feel we have a target rich area for trading opportunities right now.  Some of the best money can be made during periods just like this.  A key to being successful in markets that are having large moves is to be disciplined and follow MarketClub’s Trade Triangles.

DOLLAR INDEX

Monthly Trade Triangles for Long Term Trends                = Positive
Weekly Trade Triangles for Intermediate Term Trends    = Negative
Daily Trade Triangles for Short Term Trends                     = Negative
Combined Strength of Trend Score                                    = – 60

Our comments today remain pretty much the same as they were yesterday, as there has been very little directional change in this market.  The 73.50 level continues to act as support for the dollar index. This market has remained in a fairly well defined trading range for the last several months. With a Chart Analysis Score of -60 we would want to approach this market using our Donchian Trading Channels as well as our Williams %R indicator.  The index remains below its 200 day moving average, while our longer-term Trade Triangle remains positive.

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As always, we rely on our market proven Trade Triangle technology for catching the big moves.

Modern Music, Options, the SPX, the XLF and your Mood!

What could modern music, options, the SPX, the XLF and your Mood have in common? Let's have options guru J.W. Jones tell us......

Before getting into the broader markets, I thought it was pertinent to share with readers that recently I have noticed a trend in alternative music, also known as modern rock. As a fan of music in general, I have noticed that more modern and mainstream music is starting to underscore the deterioration in social mood. Mainstream songs are having a resoundingly similar lyrical undertone which outlines the “us against them”, “rich versus poor”, and the political class versus everyone else.

While I am not a sociologist nor do I have any real training in the area, the underlying tone in a lot of artistic mediums highlights the current chasm between the haves and the have nots. While some might argue that it does not matter, if you as a reader, trader, or investor believe in behavioral finance you might agree that social mood matters a great deal. After all, the entire premise of technical analysis is an attempt to quantify market participant behavior at specific price levels.

Social mood is but one catalyst that can have a dramatic impact in price discovery, and thus must at the very least be monitored. Current music trends are literally screaming loud and clear that the average American can relate to the undertones and messages of song lyrics with the same resounding tone as the Rise Against lyrics listed above. Believe me, it may not matter right now, but it will matter and when it does it will likely be too late for financial markets.

Now that I have my little rant out of the way, why don’t we take a look at where the S&P 500 has been, where it is now, and where it might be going. Currently price action in the S&P 500 is sitting on the edge of a fence. We could be looking at an intermediate bottom or it could end up being a bull trap. As for me, my recent prediction for lower prices has indeed come to pass, but from hereon I have no real idea where price action is headed. Mr. Market is leaving a few clues behind which I will outline, but anything is possible. We have seen stocks climb a wall of worry for nearly two years now so there is precedent for a rally from this current point of indecision.

The daily chart of the S&P 500 listed below illustrates key technical levels on the daily chart, however readers will notice that we are currently caught between a ton of overhead resistance and a key support level. Until we see price move in either direction with volume confirmation, I will be sitting on the sidelines.

Another key chart to consider is the SPX weekly chart. A quick glance at the slow stochastic readings at the bottom of the chart reveal that the S&P 500 might have additional downside left before the market is able to form a solid bottom. If that is true, we could see the SPX test the 200 period moving average on the daily chart which would be around the 1186 price level. Additionally, the 50 & 200 period moving averages on the weekly chart correspond with the 1180 price level which is likely not coincidental. The level also corresponds with key resistance areas going back to the November 2010 lows. While a downward move that large seems a bit extreme to me at this point, anything is possible.

As can be seen from the chart above, price action is currently sitting above the 20 period moving average on the weekly SPX chart. Key support levels are around the 1225 and 1180 price levels. I would also point out that a Fibonacci retracement of the recent pivot high to the recent pivot low gives us a possible 1.618 retracement around the 1190 price level. Additionally, the slow stochastic on the chart above is eerily similar to levels that were seen on the weekly chart back in May of 2010. Will price action work lower? Will the weekly slow stochastic reading kiss the 20 level?

At this point, a few of you might think I’m outlining the case for lower prices in the equity market. I honestly have no idea where price is going from here, I’m just outlining some key aspects that I have found in my analysis to the downside. The upside is just as likely and we could see the SPX price bounce off of the 20 period moving average on the weekly chart and a challenge of the recent highs could play out. Should recent highs give way to breakout, the SPX would likely test the 1,400 price level at some point in the future.

If we look at the VIX for any clues, all that can be seen from that chart is a spike higher and a subsequent selloff as fear and uncertainty leave the marketplace. The VIX is currently arguing for higher prices in equities, however the financials represented by XLF are the fly in the proverbial ointment. The banks were unable to attract a bid on Monday’s strong advance and they experienced additional selling pressure on Tuesday.

In fact, the XLF’s daily chart shown below reveals a key test and subsequent failure.

A quick look at the XLF daily chart and it is rather obvious that price action in XLF has been weak in the past two sessions. Price moved higher off of the recent lows, tested the 20 period moving average and rolled over. Price is currently below key support levels, but we could witness a reversal on Wednesday. I am going to be watching the financials (XLF) quite closely in coming days as I believe the banks will provide traders with clues as to which direction Mr. Market is favoring. Right now it would appear that Mr. Market is favoring lower prices, but that would seem a bit too easy from these eyes.

We could consolidate at these price levels for a period of time. The volume on Monday and Tuesday was light and we have non confirming signals showing up in a variety of underlying indices. I am unwilling to accept any directional risk at this point. I will let others do the heavy lifting while I sit safely in cash and watch the price action play out.

The price action will eventually give us a confirming signal as to which direction prices will be heading, but right now I believe the prudent thing to do is remain in cash and wait for Mr. Market to signal which direction he favors. We are either sitting at the beginning of a major move higher or we are at a precipice and prices are about to plunge. Either way, risk remains high and the risk/reward is simply not there to warrant an entry. As I have said many times, sometimes the best trade is no trade at all!

Just click here to get J.W.'s "Profitable Options Strategies Report"


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