Market Commentary

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CURRENCIES:

The June Dollar posted an inside day with a higher close on Friday. The high-range close sets the stage for a steady to higher opening when Monday's 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 June extends this month's decline, February's low crossing at $100.345 is the next downside target. Closes above the 20-day moving average crossing at 103.267 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 103.267. Second resistance is the 38% retracement level of the September-February decline crossing at $105.301. First support is last-Thursday's low crossing at 101.555. Second support is February's low crossing at 100.345.

The June Euro closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices is possible near-term. If June extends the rally off March's low, February's high crossing at $1.11105 is the next upside target. Closes below the 20-day moving average crossing at $1.07870 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 1.09835. Second resistance is February's high crossing at $1.11105. First support is the 20-day moving average crossing at 1.07870. Second support is the 38% retracement level of the September-February rally crossing at $1.05836.

The June British Pound closed lower on Friday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Monday'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, December's high crossing at 1.2488 is the next upside target. Closes below the 50-day moving average crossing at 1.2187 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.2442. Second resistance is December's high crossing at 1.2488. First support is the 50-day moving average crossing at 1.2187. Second support is March's low crossing at 1.1828.

The June Swiss Franc closed slightly lower on Friday. The high-range close sets the stage for a steady to slightly higher opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher trading is possible near-term. If June renews the rally off the March 16th low, the March 13th high crossing at 1.11525 is the next upside target. Closes below the 20-day moving average crossing at 1.09409 would signal that a short-term top has been posted. First resistance is the March 13th 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 1.09409. Second support is the March 16th low crossing at 1.08030.

The June Canadian Dollar closed lower on Friday as it consolidates some of the rally off March's low. The mid-range close sets the stage for a steady to lower opening when Monday'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 21st high crossing at 74.50 is the next upside target. Closes below the 20-day moving average crossing at 73.15 would signal that a short-term top has been posted. First resistance is today's high crossing at 74.13. Second resistance is the February 21st high crossing at 74.50. First support is the 20-day moving average crossing at 73.15. Second support is last-Friday's low crossing at 72.54.

The June Japanese Yen closed slightly lower on Friday. The high-range close sets the stage for a steady to slightly higher opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.076109 would signal that a short-term top has been posted. If June renews this month's rally, the February 10th high crossing at 0.078440 is the next upside target. 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 0.076109. Second support is March's low crossing at 0.073640.