Not surprisingly the Dollar has already forged a fresh new high for the moveas US data continues to leave the US head and shoulders above the rest and the prospect for more strong data from private payrolls later today and from the FOMC meeting minutes probably leaves the bull camp in the Dollar in control of sentiment. News of a possible terrorism incident in Paris, a rise in Euro zone unemployed readings and more evidence of falling inflation in the Euro zone also leaves the Dollar in vogue today. Near term up-trend channel support in the March Dollar index is seen at 91.83 today and that up-trend channel support rises to 92.25 on Thursday. Expectations for the private payroll result later today center on a gain of 250,000 and that alone should provide investment flow toward the Dollar.
Technical Outlook: Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The market’s short-term trend is positive on the close above the 9-day moving average. The daily closing price reversal up is a positive indicator that could support higher prices. It is a mildly bullish indicator that the market closed over the pivot swing number. The near-term upside objective is at 92.28. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 92.12 and 92.28, while 1st support hits today at 91.62 and below there at 91.26.