CURRENCIES
The March Dollar closed higher on Thursday and above the 20-day moving average crossing at 80.93 confirming that a 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 are bullish signaling that sideways to higher prices are possible near-term. If March extends today’s rally, January’s high crossing at 81.52 is the next upside target. If March renews the decline off January’s high, the reaction low crossing at 79.82 is the next downside target. First resistance is today’s high crossing at 81.24. Second resistance is January’s high crossing at 81.52. First support is the reaction low crossing at 79.82. Second support is December’s low crossing at 79.50.
The March Euro closed lower on Thursday and the low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December’s high, the 38% retracement level of the July-December rally crossing at 134.70 is the next downside target. If March renews the rally off January’s low, the reaction high crossing at 138.46 is the next upside target. First resistance is last Friday’s high crossing at 137.40. Second resistance is the reaction high crossing at 138.46. First support is January’s low crossing at 135.06. Second support is the 38% retracement level of the July-December rally crossing at 134.70.
The March British Pound closed lower on Thursday. 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 turning neutral to bearish hinting that a short-term top might be in or is near. Closes below last Monday’s low crossing at 1.6301 would confirm that a short-term top has been posted and signal that a short-term trend change has taken place. If March renews the rally off November’s low, monthly resistance crossing at 1.6738 is the next upside target. First resistance is last Friday’s high crossing at 1.6662. Second resistance is monthly resistance crossing at 1.6738. First support is last Monday?s low crossing at 1.6301. Second support is December’s low crossing at 1.6203.
The March Swiss Franc closed lower due to profit taking on Thursday as it consolidated some of the rally off January’s low. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at .11071 would confirm that a short-term top has been posted. If March renews the rally off January’s low, December’s high crossing at .11373 is the next upside target. First resistance is last Friday’s high crossing at .11237. Second resistance is December’s high crossing at .11373. First support is the 20-day moving average crossing at .11071. Second support is January’s low crossing at .10926.
The March Canadian Dollar closed lower on Thursday as they extend this winter’s decline. The mid-range close sets the stage for a steady to lower opening when Friday’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 the decline off September’s high, weekly support crossing at 87.90 is the next downside target. Closes above the 20-day moving average crossing at 91.32 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 90.22. Second resistance is the 20-day moving average crossing at 91.32. First support is today’s low crossing at 89.17. Second support is weekly support crossing at 87.90.
The March Japanese Yen posted an inside day with a lower close on Thursday. 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 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, the 50% retracement level of the October-January decline crossing at .9920 is the next upside target. Closes below the 20-day moving average crossing at .9635 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at .9822. Second resistance is the 50% retracement level of the October-January decline crossing at .9920. First support is the 20-day moving average crossing at .9635. Second support is January’s low crossing at .9486.
