CURRENCIES
The March Dollar posted an inside day with a lower close on Thursday as it consolidated some of Wednesday’s rally. The mid-range close sets the stage for a steady opening when Friday’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 December’s low, November’s high crossing at 81.73 is the next upside target. Closes below the 20-day moving average crossing at 80.73 are needed to confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 81.33. Second resistance is November’s high crossing at 81.73. First support is the 20-day moving average crossing at 80.73. Second support is the reaction low crossing at 79.82.
The March Euro closed higher due to short covering on Thursday as it consolidated some of Wednesday’s decline. Today’s mid-range close sets the stage for a steady opening when Friday’s night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 136.67 are needed to confirm that a low has been posted. If March renews the decline off December’s high, the reaction low crossing at 135.26 is the next downside target. First resistance is the 20-day moving average crossing at 136.67. Second resistance is December’s high crossing at 138.93. First support is last Thursday’s low crossing at 135.47. Second support is the reaction low crossing at 135.26.
The March British Pound closed lower on Thursday. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 1.6329 are needed to 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 December’s high crossing at 1.6572. Second resistance is monthly resistance crossing at 1.6738. First support is the reaction low crossing at 1.6329. Second support is today’s low crossing at 1.6308.
The March Swiss Franc closed higher due to short covering on Thursday as it consolidated some of Wednesday’s decline. 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 neutral to bearish hinting that additional weakness is possible near-term. If March renews the decline off December’s high, the 87% retracement level of the November-December rally crossing at .10898 is the next downside target. Closes above the 20-day moving average crossing at .11122 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at .11122. Second resistance is the January 2nd gap crossing at .11199. First support is last Wednesday’s low crossing at .10960. Second support is the 87% retracement level of the November-December rally crossing at .10898.
The March Canadian Dollar closed higher due to short covering on Thursday as it consolidated some of this month’s decline. 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 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 89.87 is the next downside target. Closes above the 20-day moving average crossing at 92.96 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 92.20. Second resistance is the 20-day moving average crossing at 92.96. First support is Wednesday’s low crossing at 90.84. Second support is weekly support crossing at 89.87.
The March Japanese Yen closed higher on Thursday ending a two-day correction off Monday’s high. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off October’s high, weekly support crossing at .9421 is the next downside target. If March extends this month’s rally, the reaction high crossing at .9793 is the next upside target. First resistance is Monday’s high crossing at .9726. Second resistance is the reaction high crossing at .9793. First support is January’s low crossing at .9486. Second support is weekly support crossing at .9421.
