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CURRENCIES

The June Dollar was lower overnight. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 83.04 would confirm that a short-term top has been posted. If June extends the rally off May's low, the July 2012 high crossing at 85.29 is the next upside target. First resistance is the overnight high crossing at 84.59. Second resistance is the July 2012 high crossing at 85.29. First support is the 10-day moving average crossing at 83.86. Second support is the 20-day moving average crossing at 83.04.

The June Euro was higher overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near-term. Closes above the 20-day moving average crossing at 130.04 are needed to confirm that a low has been posted. If June extends this month's decline, April's low crossing at 127.51 is the next downside target. First resistance is the 20-day moving average crossing at 130.04. Second resistance is the reaction high crossing at 131.98. First support is last Friday's low crossing at 127.98. Second support is April's low crossing at 127.51.

The June British Pound was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, April's low crossing at 1.5027 is the next downside target. Closes above the 20-day moving average crossing at 1.5361 would confirm that the short-term top has been posted. First resistance is the 20-day moving average crossing at 1.5361. Second resistance is May's high crossing at 1.5603. First support is the overnight low crossing at 1.5012. Second support is April's low crossing at 1.5027.

The June Swiss Franc was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, last July's low crossing at .10148 is the next downside target. Closes above the 20-day moving average crossing at .10514 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at .10348. Second resistance is the 20-day moving average crossing at .10514. First support was Tuesday's low crossing at .10166. Second support is last July's low crossing at .10148.

The June Canadian Dollar was higher due to short covering overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last May's low crossing at 95.30 is the next downside target. Closes above the 20-day moving average crossing at 98.42 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 97.74. Second resistance is the 20-day moving average crossing at 98.42. First support is the overnight low crossing at 96.15. Second support is last May's low crossing at 95.30.

The June Japanese Yen was higher due to short covering overnight as it consolidates some of its recent trading range. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at .9961 are needed to confirm that a low has been posted. If June resumes this year's decline, monthly support crossing at .9421 is the next downside target. First resistance is the 20-day moving average crossing at .9961. Second resistance is the reaction high crossing at .10147. First support is Tuesday's low crossing at .9720. Second support is monthly support crossing at .9421.