A pattern of lower highs and lower lows in the Dollar leaves the bears with a technical edge today. Withan extremely active US economic report slate today, the prospect of soft activity should keep the Dollar in afundamental track lower. The situation in the Ukraine continues to level out and that suggests less flight to qualityinterest in the Greenback. A fresh 3 year low in the yuan might provide the Dollar with some support this morningbut it could be difficult for the Dollar to avoid a return to the 80.00 level in the wake of an active flow of data laterthis morning. Initial targeting in the March Dollar Index is seen today down at 80.07 but a temporary slide to 79.95can’t be ruled out in the event that two or more US data points depict weakness.
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. It is a slightly negative indicator thatthe close was lower than the pivot swing number. The next upside objective is 80.53. The next area of resistanceis around 80.38 and 80.53, while 1st support hits today at 80.12 and below there at 79.99.