Sunday Dec 15, 5:52AM EST

Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

INO.com’s Daily Market Analysis

It’s free, informative, and will help you prepare and plan for the next trading day, while getting a jump on changing market conditions.

Privacy Policy

CURRENCIES

The March Dollar posted an upside reversal on Friday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Monday'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 November's high, the 50% retracement level of the March-September-rally crossing at 96.22 is the next downside target. Closes above the 20-day moving average crossing at 97.33 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 97.04. Second resistance is the 20-day moving average crossing at 97.33. First support is today's low crossing at 96.29. Second support is the 50% retracement level of the March-September-rally crossing at 96.22.

The March Euro posted a downside reversal on Friday as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought and are poised to turn neutral to bearish with additional weakness. Closes below the 20-day moving average crossing at 111.46 would confirm that a short-term top has been posted. If March extends the rally off November's low, October's high crossing at 112.91 is the next upside target. First resistance is today's high crossing at 112.63. Second resistance is October's high crossing at 112.91. First support is last-Friday's low crossing at 111.13. Second support is November's low crossing at 110.61.

The March British Pound gapped up and closed higher on Friday following the British election. A late-sell off tempered early gains and the low-range close sets the stage for a steady to lower opening when Monday'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 September's low, the 62% retracement level of the April-September decline crossing at 1.3748 is the next upside target. Closes below the 20-day moving average crossing at 1.3065 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.3548. Second resistance is the 62% retracement level of the April-September decline crossing at 1.3748. First support is the 20-day moving average crossing at 1.3065. Second support is the 50-day moving average crossing at 1.2917.

The March Swiss Franc closed slightly higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 aforementioned rally, September's high crossing at 1.0380 is the next upside target. Closes below the 20-day moving average crossing at 1.0176 would confirm that a short-term top has been posted. First resistance is October's high crossing at 1.0268. Second resistance is September's high crossing at 1.0380. First support is last-Friday's low crossing at 1.0158. Second support is November's low crossing at 1.0060.

The March Canadian Dollar closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are 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 76.27 is the next upside target. Closes below the 20-day moving average crossing at 75.52 would confirm that a short-term top has been posted. First resistance is today's high crossing at 76.08. Second resistance is November's high crossing at 76.27. First support is November's low crossing at 75.08. Second support is October's low crossing at 75.01.

The March Japanese Yen closed lower on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off August's high, April's low crossing at 0.0907 is the next downside target. Closes above the 50-day moving average crossing at 0.0928 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.0928. Second resistance is November's high crossing at 0.0934. First support is today's low crossing 0.0917. Second support is April's low crossing at 0.0907.