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(March 11, 2002) CURRENCIES: The US dollar was indeed top heavy and once we closed below the 11900 level it open the floodgates to selling. We rebounded nicely, but it would still take a close above 11850 on the cash to turn this market back positive. The Euro looks to have a failed breakout just inside last week's key resistance area. I still show a possible 8500 print verses the March contract. The moment we closed above the 76 level, the Yen encountered a huge short covering rally that looks like it could be a good spike high. I still expect another test of the low and it would take consecutive closes above 8000 to change the technical picture. The British Pound continues to form a double triangle formation. On a weekly chart, it looks like an inverted H&S formation, but we will need at least multiple closes above 14350 the March to get friendly.

Key levels BPH 14100 & 14350 ECH 8600 & 8850 JYH 8000 & 7600 DXH 11650 &11900

Best trade setups for the week: Sell weakness in the Euro risking to close above 8800 March

J. Mark Kinoff

www.corefutures.com

email: kinoff@corefutures.com

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