(March 25, 2002) CURRENCIES: BRITISH POUND--The daily trend in the Pound is bullish with prices testing resistance at 142.50. This market has been sloppy at best (and often out right erratic) in recent months following September 11th. I have no trade recommendations in the Pound at this time.
CANADIAN DOLLAR--The trends on the daily and weekly charts are both bullish with prices continuing to hold support levels. Traders should look to enter the Canadian long on sell offs to confluence support at 6290 with stop losses placed below the next Fibonacci support level at 6248. Expansion analysis suggests a logical profit objective of 6414.
EURO FX AND SWISS FRANC--The daily and weekly trend in the European currencies are now both bullish. Following a test of Fibonacci support at 5800 on the weekly charts, the Swiss Franc has held and reversed higher. Prices are now testing daily confluence support levels at 6000.The Swiss has been trading between 6300 and 5500 for the past three years and following each test of 6300, prices collapsed down to 5500. Except now. This is the first time the Swiss has held retracement support and reversed trend to bullish. If the new bull trend holds, weekly expansion analysis indicates a target of 6600.
JAPANESE YEN--The Yen has had a volatile few weeks first with prices exploding higher but then selling off more than four hundred points off of their highs. The long-term chart of the Yen shows a solid bear trend with major resistance placed at 8200 approximately. The recovery in the Nikkei triggered a surge in the Yen until the market reasoned that a strong stock market does not necessarily equate with a strong currency. Especially since the rally in the Nikkei has begun to fizzle.
