Market Commentary

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CURRENCIES:

The June Dollar closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 102.973 would open the door for additional weakness and a possible test of the February 14th low crossing at 102.090. If June renews the rally off February's low, the 50% retracement level of the September-February decline crossing at $106.835 is the next upside target. First resistance is the 38% retracement level of the September-February decline crossing at $105.301. Second resistance is the 50% retracement level of the September-February decline crossing at $106.835. First support is the 50-day moving average crossing at 102.973. Second support is the February 14th low crossing at 102.090.

The June Euro closed higher on Monday as it extends the rebound off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices is possible near-term. Closes above the 50-day moving average crossing at $1.08071 are needed to signal that a short-term low has been posted while opening the door for additional gains near-term. If June renews the decline off February's high, the 50% retracement level of the September-February rally crossing at $1.04198 is the next downside target. First resistance is the 50-day moving average crossing at 1.08071. Second resistance is the February 14th high crossing at $1.08800. First support is the 38% retracement level of the September-February rally crossing at $1.05836. Second support the 50% retracement level of the September-February rally crossing at $1.04198.

The June British Pound closed higher on Monday as it renewed the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If June extends the rally off March's low, February's high crossing at 1.2436 is the next upside target. Closes below the 20-day moving average crossing at 1.2072 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.2313. Second resistance is February's high crossing at 1.2436. First support is the 20-day moving average crossing at 1.2072. Second support is March's low crossing at 1.1828.

The June Swiss Franc closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower trading is possible near-term. Closes below the 20-day moving average crossing at 1.08540 would signal that a short-term top has been posted. If June renews this month's rally, February's high crossing at 1.11900 is the next upside target. First resistance is last-Monday's high crossing at 1.11525. Second resistance is February's high crossing at 1.11900. First support is the 20-day moving average crossing at 1.08540. Second support is the March 8th low crossing at 1.07140.

The June Canadian Dollar closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 73.36 would signal that a short-term low has been posted. If June renews the decline off February's high, the October-2022 low crossing at 72.00 is the next downside target. First resistance is the 20-day moving average crossing at 73.36. Second resistance is the 50-day moving average crossing at 74.20. First support is March's low crossing at 72.27. Second support is the October-2022 low crossing at 72.00.

The June Japanese Yen closed higher on Monday as it extends this month's rally. The mid-range close sets the stage for a steady to higher opening when Tuesday's day 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 this month's rally, the February 10th high crossing at 0.078440 is the next upside target. Closes below the 20-day moving average crossing at 0.075196 would signal that a short-term top has been posted. First resistance is the February 10th high crossing at 0.078440. Second resistance is February's high crossing at 0.079510. First support is the 20-day moving average crossing at 0.075196. Second support is March's low crossing at 0.073640.