forex 26

The June Dollar closed slightly lower on Wednesday but remains above the 62% retracement level of the December-March rally crossing at 84.10. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the weekly uptrend line crossing near 83.00 would confirm that a major top in the Dollar has been posted while opening the door for a larger-degree decline this spring. Closes above the 20-day moving average crossing at 87.42 would temper the near-term bearish outlook in the market. First resistance is the 10-day moving average crossing at 85.64. Second resistance is the 20-day moving average crossing at 87.42. First support is last Thursday's low crossing at 83.14. Second support is the weekly uptrend line crossing near 83.00.

The June Euro closed higher on Wednesday and above the 50% retracement level of the December-March decline crossing at 135.215. The mid-range close sets the stage for a steady opening on Thursday. 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 62% retracement level of the December-March decline crossing at 137.736 is the next upside target. Closes below the 20-day moving average crossing at 129.820 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 137.370. Second resistance is the 62% retracement level crossing at 137.736. First support is the 10-day moving average crossing at 133.116. Second support is the 20-day moving average crossing at 129.820.

The June British Pound closed lower due to profit taking on Wednesday as it consolidated some of this month's rally. The low-
range close sets the stage for a steady to lower opening on Thursday. 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, February's high crossing at 1.4950 is the next upside target. Closes below the 20-day moving average crossing at 1.4175 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 1.4782. Second resistance is February's high crossing at 1.4950. First support is the 10-day moving average crossing at 1.4301. Second support is the 20-day moving average crossing at 1.4175.

The June Swiss Franc closed higher on Wednesday but remains below the 50% retracement level of the December-March decline crossing at .8965. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, the 62% retracement level of the December-March decline crossing at .9103 is the next upside target. Closes below the 20-day moving average crossing at .8653 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at .8980. Second resistance is the 62% retracement level of the December-March decline crossing at .9103. First support is the 10-day moving average crossing at .8708. Second support is the 20-day moving average crossing at .8653.

The June Canadian Dollar closed lower due to profit taking on Wednesday as it consolidated some of this month's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, the reaction high crossing at 82.30 is the next upside target. Closes below the 20-day moving average crossing at 79.08 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 82.09. Second resistance is the reaction high average crossing at 82.30. First support is the 10-day moving average crossing at 80.06. Second support is the 20-day moving average crossing at 79.08.

The June Japanese Yen closed higher due to short covering on Wednesday as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below last Tuesday's low crossing at .10119 would confirm that a short-term top has been posted. If June renews this month's rally, the reaction high crossing at .10822 is the next upside target. First resistance is last Thursday's high crossing at .10703. Second resistance is the reaction high crossing at .10822. First support is Tuesday's low crossing at .10159. Second support is last Tuesday's low crossing at .10119.