Market Commentary

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CURRENCIES:

The March Dollar closed higher on Wednesday as it extends the trading range of the past three-weeks. 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, December's high crossing at $103.875 is the next upside target. Closes below last-Wednesday's low crossing at $102.555 would mark a potential downside breakout of the aforementioned trading range. First resistance is Monday's high crossing at $103.640. Second resistance is December's high crossing at $103.875. First support is last-Wednesday's low crossing at $102.555. Second support is December's low crossing at $100.320.

The March Euro closed lower on Wednesday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening when Thursday's day 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, December's low crossing at 1.07700 is the next downside target. Closes above the 50-day moving average crossing at 1.09486 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.09486. Second resistance is the January 11th high crossing at 1.10405. First support is today's low crossing at 1.08100. Second support is December's low crossing at 1.07700.

March British Pound closed lower on Wednesday as it extends the December-January trading range. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If March renews the decline off December's high, December's low crossing at 1.2509 is the next downside target. If March renews the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.2846 is the next upside target. First resistance is the 75% retracement level of the July-October decline crossing at 1.2846. Second resistance is the 87% retracement level of the July-October decline crossing at 1.2971. First support is the reaction low crossing at 1.2601. Second support is December's low crossing at 1.2509.

The March Swiss Franc closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.17013 is the next upside target. If March renews the decline off December's high, the 62% retracement level of the October-December rally crossing at 1.14392 is the next downside target. First resistance is the 20-day moving average crossing at 1.17013. Second resistance the January 5th high crossing at 1.19155. First support is December's low crossing at 1.14585. Second support is the 62% retracement level of the October-December rally crossing at 1.14392.

The March Canadian Dollar closed lower on Wednesday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday's day 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 January's low, the January 12th high crossing at $75.01 is the next upside target. If March resumes the decline off December's high, the 62% retracement level of the November-December rally crossing at $73.60 is the next downside target. First resistance is the January 12th high crossing at $75.01. Second resistance is the January 5th high crossing at $75.34. First support the 50% retracement level of the November-December rally crossing at $74.05. Second support is the 62% retracement level of the November-December rally crossing at $73.60.

The March Japanese Yen closed slightly higher on Wednesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.068816 would signal that a short-term low has been posted. If March resumes the decline off December's high, November's low crossing at 0.067200 is the next downside target. First resistance is the 20-day moving average crossing at 0.068816. Second resistance is the 50-day moving average crossing at 0.069562. First support is the January 19th low crossing at 0.067810. Second support is November's low crossing at 0.067200.