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(March 18, 2002) CURRENCIES: The US dollar retested last week's low and put in a possible reversal pattern. We still would need a close or two above 11850 in the cash to turn the short-term picture back positive.

The Euro gapped above resistance at the 8800 level but was once again unable to close above there. We would need consecutive closes above that level to make this more than just a short covering bounce. Until then, we could still see 8400 near term.

The Yen spike ended at an old gap area left on the charts. I would expect sideways to lower trade in this market. Technically we should remain range bound between 7650 and 8000 as we consolidate gains.

The British Pound continues to form some sort of double triangle formation. On a weekly chart it looks like an inverted H&S formation but we would need at least multiple closes above 14250 the June to get friendly.

Key levels

BPM 14000 & 14250

ECM 8400 & 8800

JYM 8000 & 7650

DXM 11650 &11900

Best Trade Setups For The Week:

Sell June Swiss franc on a close below 5950 risk 100 points target 5600.

J. Mark Kinoff

www.corefutures.com

email: kinoff@corefutures.com

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