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CURRENCIES

The March Dollar 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, November's high crossing at 94.76 is the next upside target. Closes below the 20-day moving average crossing at 93.09 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 94.23. Second resistance is November's high crossing at 94.76. First support is the 20-day moving average crossing at 93.09. Second support is the 62% retracement level of the September-November-rally crossing at 92.23.

The March Euro closed lower on Tuesday as it extended the decline off November'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 118.52 has opened the door for additional weakness near-term. Closes above the 20-day moving average crossing at 118.98 would temper the near-term bearish outlook. First resistance is November's high crossing at 120.44. Second resistance is the reaction high crossing at 121.50. First support is today's low crossing at 117.97. Second support is November's low crossing at 116.48.

The March British Pound closed lower on Tuesday and below the 20-day moving average crossing at 1.3390 confirming that a short-term top has been posted. 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 a short-term top might be in or is near. If March renews the rally off November's low, September's high crossing at 1.3695 is the next upside target. First resistance is November's high crossing at 1.3598. Second resistance is September's high crossing at 1.3695. First support is the 50-day moving average crossing at 1.3300. Second support is the reaction low crossing at 1.3273.

The March Swiss Franc closed slightly 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 bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 1.0226 would confirm that a short-term low has been posted. If March extends this month's decline, November's low crossing at 1.0062 is the next downside target. First resistance is December's high crossing at 1.0352. Second resistance is October's high crossing at 1.0415. First support is last Friday's low crossing at 1.0103. Second support is October's low crossing at 1.0064.

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. Closes below October's low crossing at 77.54 would open the door for a test of the 62% retracement level of the May-September rally crossing at 75.42. Closes above the reaction high crossing at 79.31 would renew the rally off October's low. First resistance is the reaction crossing at 78.17. Second resistance is October's high crossing at 80.42. First support is October's low crossing at 77.54. Second support is the July's low crossing at 77.16.

The March Japanese Yen closed slightly higher on Tuesday as it consolidates some of the decline off November's high. The mid-range close sets the stage for a steady to higher 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 the aforementioned decline, November's low crossing at 0.8783 is the next downside target. Closes above the 20-day moving average crossing at 0.8945 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.8945. Second resistance is the 50% retracement level of the September-November-decline crossing at 0.9072. First support is today's low crossing at 0.8840. Second support is November's low crossing at 0.8782.

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