A positive bid on the Dollar charts seems to be the result of renewed fears of a Greek disaster, residual US economic confidence and lastly because of relative attractiveness of US debt instruments versus the competition. Limiting the upside in the Dollar is news of the lowest OECD jobless rate reading since 2009 and ideas that the Greek situation will be resolved at the 11th hour. US scheduled data flows are very active today but the reports are mostly 2nd and 3rd tier in nature and therefore the biggest influence on the currency trade today might come from a Fed speech from Lacker around mid-session. In short, unless US data is definitively weak, we have to think that the March Dollar is poised to retest the late January highs up around 95.77 to 95.85.
Technical Outlook: Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levels are taken out. A positive signal for trend short-term was given on a close over the 9-bar moving average. The downside closing price reversal on the daily chart is somewhat negative. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next downside objective is now at 94.16. The next area of resistance is around 94.97 and 95.28, while 1st support hits today at 94.41 and below
there at 94.16.