May 31, 2013 at 08:24 AM EDT
Forex Daily Forecast Outlook


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US Dollar closed lower on Thursday and below the 20-day moving average crossing at 83.43 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the reaction low crossing at 81.78 is the next downside target. Closes above the 10-day moving average crossing at 83.89 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 83.89. Second resistance is last Thursday's high crossing at 84.59. First support is today's low crossing at 83.02. Second support is the reaction low crossing at 81.78.

Euro closed higher on Thursday and above the 20-day moving average crossing at 129.69 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally, the reaction high crossing at 131.98 is the next upside target. Closes below Wednesday's low crossing at 128.39 would confirm that a short-term top has been posted. First resistance is today's high crossing at 130.63. Second resistance is the reaction high crossing at 131.98. First support is Wednesday's low crossing at 128.38. Second support is April's low crossing at 127.51.

British Pound closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher p rices are possible near-term. Closes above the 20-day moving average crossing at 1.5284 are needed to confirm that a low has been posted. If June extends this month's decline, March's low crossing at 1.4823 is the next downside target. First resistance is the 20-day moving average crossing at 1.5284. Second resistance is May's high crossing at 1.5603. First support is Wednesday's low crossing at 1.5006. Second support is March's low crossing at 1.4823.

Swiss Franc closed higher on Thursday and above the 20-day moving average crossing at .10447 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally, the reaction high crossing at .10719 is the next upside target. First resistance is today's high crossing at .10498. Second resistance is the reaction high crossing at .10719. First support is last Wednesday's low crossing at .10166. Second support is the July 2012 low crossing at .10148.

Canadian Dollar closed higher due to short covering on Thursday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If June extends the decline off May's high, last May's low crossing at 95.30 is the next downside target. Closes above the 20-day moving average crossing at 97.99 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 97.02. Second resistance is the 20-day moving average crossing at 97.99. First support is Wednesday's low crossing at 95.91. Second support is last May's low crossing at 95.30.

Japanese Yen closed hig her on Thursday and above the 20-day moving average crossing at .9890 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish hinting that a low might be in is near. If June extends today's rally, the reaction high crossing at .10147 is the next upside target. If June renews this year's decline, monthly support crossing at .9421 is the next downside target. First resistance is today's high crossing at .9955. Second resistance is the reaction high crossing at .10147. First support is last Wednesday's low crossing at .9640. Second support is monthly support crossing at .9421.

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