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CORE FUTURES

101 First Avenue, Sand Point, Idaho

(March 25, 2002) CURRENCIES: The US dollar reversed after putting in a double bottom on the cash. We look to be coming out of a small triangle but it would take a couple successive closes above 11850 in the Cash to turn the market friendly. The June Euro traded above the resistance at 8800 but failed and has returned back into the previous range. This is fairly bearish, as we were unable to close much above there even once. This just looks like short covering on a simple three-wave correction and we should consider lower from here. Until we close above the last swing high 8400 is still in the equation. The Yen continued lower as expected after the spike left on the charts. This close on Friday leaves the door open to revisit the lows and 7360 June Yen a possibility. The British Pound continues trade inside the 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 and until then I still have a projection of 13600 June BP.

Key levels

BPM 14000 & 14250
ECM 8400 & 8800
JYM 7700 & 7350
DXM 11650 &11900

Best trade setups for the week:

Buy June British Pound at 14278 stop close only risk to a close below 14100.

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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