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CURRENCIES

The March Dollar was slightly higher overnight as it consolidates some of Tuesday's decline. 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 month's decline, December's low crossing at 99.25 is the next downside target. Closes above the 20-day moving average crossing at 102.09 would confirm that a short-term low has been posted. First resistance is January's high crossing at 103.81. Second resistance is monthly resistance crossing at 107.38. First support is December's low crossing at 99.25. Second support is the 50% retracement level of the August-January-rally crossing at 98.90.

The March Euro was slightly lower overnight as it consolidates some of the rally off January's low. 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 38% retracement level of the August-January-decline crossing at 107.85 is the next upside target. Closes below the 20-day moving average crossing at 105.64 would confirm that a short-term top has been posted. First resistance is the the 38% retracement level of the August-January-decline crossing at 107.85. Second resistance is December's high crossing at 109.24. First support is the reaction low crossing at 104.81. Second support is January's low crossing at 103.73.

The March British Pound was higher overnight. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.2447 are needed to confirm that a short-term low has been posted. Closes below key support marked by October's low crossing at 1.2119 would confirm a downside breakout of a four-month-old trading range. First resistance is the 50-day moving average crossing at 1.2447. Second resistance is December's high crossing at 1.2804. First support is Wednesday's low crossing at 1.2001. Second support is unknown.

The March Swiss Franc was slightly lower overnight as it consolidates some of the rally off January's low. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, the 50% retracement level of the November-January-decline crossing at 1.0119 is the next upside target. Closes below the 20-day moving average crossing at 0.9862 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the November-January-decline crossing at 1.0023. Second resistance is the 50% retracement level of the November-January-decline crossing at 1.0119. First support is the reaction low crossing at 0.9789. Second support is January's low crossing at 0.9713.

The March Canadian Dollar was lower overnight. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 74.97 would confirm that a short-term top has been posted. If March resumes the rally off December's low, October's high crossing at 77.00 is the next upside target. First resistance is Tuesday's high crossing at 76.85. Second resistance is October's high crossing at 77.00. First support is the 50-day moving average crossing at 74.97. Second support is December's low crossing at 73.60.

The March Japanese Yen was lower overnight as it consolidates some of this month's rally. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top is in or near. Closes below the 20-day moving average crossing at 0.8633 would confirm that a short-term top has been posted. Closes above the 50-day moving average crossing at 0.8840 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 0.8840. Second resistance is the 38% retracement level of the August-January-decline crossing at 0.9099. First support is the 20-day moving average crossing at 0.8633. Second support is January's low crossing at 0.8454.

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