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414-351-1992(March 26, 2002) CURRENCIES: SWISS FRANC--Things have changed! Last month, we reported that the franc was in the middle of a long-term trading range and also trading below a declining ten-week moving average. Since then, SFM has moved above a multi-month down trend line and is once again trading above a rising ten week average. Even better, it will soon be approaching the 63.00 area for the fourth time since June of 2000. Eventually, this currency is going to move sharply higher, although that will probably not happen in April. Three up monthly timing is a factor and that will be a depressing influence. Keep this market in the back of your mind and we will take another look in May.
EURO--The Euro currency tapped on the pivot point at 8840, but was unable to penetrate it. Assuming EUM finishes March above 8650, April will come to us with the bearish influence of three up monthly timing. As previously expressed, an authoritative penetration of 8840 is needed to turn the trend bullish. When that happens, the first goal will be 90.00.
Dave Norton
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