Surprisingly the Dollar remains in vogue in the face of a decline in Ukrainian concerns. One might alsosuggest that the Dollar has generally remained in vogue without a definitive improvement in the US economic condition. It would also appear that the Dollar has remained in vogue despite the presence of positive Euro zoneeconomic data overnight. Therefore the path of least resistance is pointing up and perhaps that action is beingbuilt by expectations of something positive from the US economic front. In fact, expectations for the ADP jobsnumber are north of +150,000 and it will be interesting to see if the US can produce a number that wasn’t overtlyand negatively influenced by the weather. We think the risk to the longs is high into the data this morning but itwould also seem like the Dollar was simply oversold when it was trading below 80.00. The trend is probably set toremain up but there isn’t a dominating theme in control.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higher priceaction. A negative signal for trend short-term was given on a close under the 9-bar moving average. With theclose higher than the pivot swing number, the market is in a slightly bullish posture. The next upside objective is80.41. The next area of resistance is around 80.31 and 80.41, while 1st support hits today at 80.02 and belowthere at 79.83.