Currency Market Summary for Week Ending Friday May 15th

The June U.S. Dollar closed lower on Friday as it extends the decline off April'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If June extends the decline off April's high, the 38% retracement level of the June-March rally crossing at 92.90 is the next downside target. Closes above the 20 day moving average crossing at 95.62 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 94.48. Second resistance is the 20 day moving average crossing at 95.62. First support is Thursday's low crossing at 93.15. Second support is the 38% retracement level of the June-March rally crossing at 92.90.

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The June Euro closed higher on Friday as it extends the rally off April'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 remain neutral to bullish signaling that sideways to higher prices are possible near term. If June extends the rally off April's low, February's high crossing at 115.46 is the next upside target. Closes below the 20 day moving average crossing at 111.09 would confirm that a short term top has been posted. First resistance is today's high crossing at 114.72. Second resistance is the February's high crossing at 115.46. First support is the 20 day moving average crossing at 111.09. Second support is the reaction low crossing at 110.72.

The June British Pound closed lower due to profit taking on Friday 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If June extends the rally off April's low, the 62% retracement level of the July-April decline crossing at 1.6121 is the next upside target. Closes below the 20 day moving average crossing at 1.5313 would confirm that a short term top has been posted. First resistance is the 50% retracement level of the July-April decline crossing at 1.5823. Second resistance is the 62% retracement level of the July-April decline crossing at 1.6121. First support is the 10 day moving average crossing at 1.5472. Second support is the 20 day moving average crossing at 1.5313.

The June Swiss Franc closed lower 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 renews the rally off April's low, the 62% retracement level of the January-March decline crossing at 1.1189 is the next upside target. Closes below the 20 day moving average crossing at 1.0691 would confirm that a short term top has been posted. First resistance is the reaction high crossing at 1.1037. Second resistance is the 62% retracement level of the January-March decline crossing at 1.1189. First support is the 20 day moving average crossing at 1.0691. Second support is the reaction low crossing at 1.0437.

The June Canadian Dollar closed lower due to profit taking 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 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 82.60 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 2013-2015 decline crossing at 84.82 is the next upside target. First resistance is Thursday's high crossing at 83.86. Second resistance is the 38% retracement level of the 2013-2015 decline crossing at 0.8482. First support is the 20-day moving average crossing at 82.60. Second support is the reaction low crossing at 81.20.

The June Japanese Yen closed slightly lower 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 bullish signaling that sideways to higher prices are possible near term. Closes above March's high crossing at .8460 are needed to renew the rally off March's low. Closes below the reaction low crossing at .8301 would open the door for additional weakness near term. First resistance is March's high crossing at .8460. Second resistance is February's high crossing at .8562. First support is April's low crossing at .8280. Second support is March's low crossing at .8205.

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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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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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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Mid Week Currency and Forex Market Summary

The March U.S. Dollar closed lower on Tuesday. The mid range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that additional weakness is possible near term. If March resumes this month's decline, the reaction low crossing at 79.82 is the next downside target. Closes above the 20 day moving average crossing at 80.62 are needed to confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 80.62. Second resistance is the reaction high crossing at 80.91. First support is last Wednesday's low crossing at 79.95. Second support is the reaction low crossing at 79.82.

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The March Euro closed slightly higher on Tuesday. The mid range close sets the stage for a steady 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 aforementioned rally, the reaction high crossing at 138.34 is the next upside target. Closes below the 20 day moving average crossing at 136.42 would confirm that a short term top has been posted. First resistance is last Wednesday's high crossing at 137.73. Second resistance is the reaction high crossing at 138.34. First support is the 20 day moving average crossing at 136.42. Second support is the reaction low crossing at 135.62.

The March British Pound closed higher on Tuesday. The mid range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1.6527 would confirm that a short term top has been posted. If March resumes the rally off February's low, monthly resistance crossing at 1.7043 is the next upside target. 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 1.6527. Second support is February's low crossing at 1.6247.

The March Swiss Franc 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, December's high crossing at .11373 is the next upside target. Closes below the 20 day moving average crossing at .11165 would confirm that a short term top has been posted. First resistance is Monday's high crossing at .11301. Second resistance is December's high crossing at .11373. First support is the 10 day moving average crossing at .11222. Second support is the 20 day moving average crossing at .11165.

The March 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. If March renews last week's decline, this month's low crossing at 88.99 is the next downside target. Closes above the 10 day moving average crossing at 90.55 would temper the near-term bearish outlook. 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 Tuesday. Today's high range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. 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 extends this month's decline, 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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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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