Ok back to work

The last couple of weeks  have  seen the usual chop which generally accompanies a short term trend change. Yesterdays FOMC gave strength to the idea that the Dollar had met its near term high with the resulting fall. Medium term though the current reversal should still be viewed as a retracement of the Medium term up trend in the Dollar. Only a strong break of the daily 200 sma USDX would have me review this line of thought.

Eur/Usd - Immediate res at 1.3825 with 1.3850/61 to cap for a reversal toward sup at 1.3641.

Gbp/Usd - Expect 1.5422 to cap current rally with a retracement back to broken channel res  at 1.5288 then daily res turned sup at  1.5145. Below 1.4977 confirms a move back to the lows.

Aud/Usd - Res sits at 0.9245 witha break targetting the AB CD measured move to 0.9295 before a move lower toward support at 0.9155 then important sup at 0.9096.

Usd/Chf - Current down move targetting uptrend support at 1.0450/66. Expect a bounce from that level  should immediately target he 72 sma hrly. with a break tagetting important res at 1.0643.

Usd/Cad - Downward pressure still exists nearterm with 1.0116 target, berore a bounce toward res at 1.0160 and hourly 169 ema currently at 1.0219.  

Usd-Jpy - March remains a difficult month for yen with fin year end flows capping rallies. Expect continued sideways chop inbetween 89.60 and 91.30.

Eur/Jpy -  Sideways 1233.00/125.25 - Expect 125.22 to cap current consolidation and bring a fall toward uptrend channel at 123.55 and hrly 300 lwma. A sustained break of either 125.25 or 123.00 would yield a break to 119.60 or 128.75.

Gbp/Jpy - 137.90 renains key near term pivotal level within a wide 135.600/139.80 up channel range. Would look to sell above 139.00 targetting the hrly 90/100 emas.