Initial weakness in the Dollar was seen to start the new trading week perhaps because of generallypositive German Ifo readings and a minor down tick in Ukrainian anxiety. Perhaps the promise of stimulus fromthe G20 has provided the Dollar with additional pressure, as a commitment to stimulate global growth might beserving to dent safe haven inflows into the Dollar. Later today, the market will be presented with a Chicago FedNational Activity Index and a Texas manufacturing result and it is possible that the Dollar might be sliding inanticipation of US economic weakness. Near term downside targeting in the March Dollar is seen at 80.07 andthen not until the 79.99 level. The Commitments of Traders Futures and Options report as of February 18th for USDollar showed Non-Commercial traders were net long 2,372 contracts, a decrease of 3,957 contracts. TheCommercial traders were net short 9,292 contracts, a decrease of 3,797 contracts. The Non-reportable traderswere net long 6,919 contracts, an increase of 159 contracts. Non-Commercial and Non-reportable combinedtraders held a net long position of 9,291 contracts. This represents a decrease of 3,798 contracts in the net longposition held by these traders.
Technical Outlook: The daily stochastics have crossed over up which is a bullish indication. Thestochastics indicators are rising from oversold levels, which is bullish and should support higher prices. The closebelow the 9-day moving average is a negative short-term indicator for trend. The market has a slightly positive tiltwith the close over the swing pivot. The near-term upside target is at 80.54. The next area of resistance is around80.41 and 80.54, while 1st support hits today at 80.19 and below there at 80.08.