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The March Dollar closed higher on Wednesday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 December's low, weekly resistance crossing at 99.90 is the next upside target. Closes below the 20-day moving average crossing at 98.31 would confirm that a short-term top has been posted. First resistance is today's high crossing at 99.62. Second resistance is weekly resistance crossing at 99.90. First support is the 10-day moving average crossing at 98.91. Second support is the 20-day moving average crossing at 98.31.
The March Euro closed slightly higher on Wednesday as it consolidates some of the decline off the December 31st high crossing at 11.29. The high-range close sets the stage for a steady to higher opening when Thursday'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 December's high, monthly support crossing at 106.55 is the next downside target. Closes above the 20-day moving average crossing at 109.94 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 109.10. Second resistance is the 20-day moving average crossing at 109.94. First support is today's low crossing at 107.99. Second support is monthly support crossing at 106.55.
The March British Pound closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the November 22nd low crossing at 1.2870 is the next downside target. Closes above the 50-day moving average crossing at 1.3092 would confirm that a short-term low has been posted. First resistance is the January 31st high crossing at 1.3225. Second resistance is the December 31st high crossing at 1.3312. First support is last-Monday's low crossing at 1.2885. Second support is the November 22nd low crossing at 1.2870.
The March Swiss Franc closed lower on Wednesday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 this month's decline, the 75% retracement level of the December-January-rally crossing at 1.0156 is the next downside target. Close above the 20-day moving average crossing at 1.0296 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0241. Second resistance is the 20-day moving average crossing at 1.0296. First support is today's low crossing at 1.0175. Second support is the 75% retracement level of the December-January-rally crossing at 1.0156.
The March Canadian Dollar closed higher on Wednesday and above the 20-day moving average crossing at 75.61 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday'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 February's low, the 50-day moving average crossing at 76.05 is the next upside target. If March resumes the decline off December's high, September's low crossing at 74.90 is the next downside target. First resistance is today's high crossing at 75.71. Second resistance is the 50-day moving average crossing at 76.05. First support is February's low crossing at 75.01. Second support is September's low crossing at 74.90.
The March Japanese Yen closed sharply lower on Wednesday as it extended this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 this year's decline, weekly support crossing at 0.0881 is the next downside target. Closes above the 50-day moving average crossing at 0.0918 would temper the near-term bearish outlook. First resistance is February's high crossing at 0.0925. Second resistance is January's high crossing at 0.0932. First support is today's low crossing 0.0897. Second support is weekly support crossing at 0.0881.
