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Market Commentary

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CURRENCIES

The June Dollar closed slightly higher due to short covering on Thursday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 80.07 would confirm that a double bottom with March's low has been posted. If June renews this month's decline, weekly support crossing at 78.91 is the next downside target. First resistance is the 20-day moving average crossing at 80.07. Second resistance is April's high crossing at 80.77. First support is last Thursday's low crossing at 79.38. Second support is weekly support crossing at 78.91.

The June Euro closed slightly lower on Thursday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 137.95 would confirm that a short-term top has been posted. If June renews last week's rally, March's high crossing at 139.66 is the next upside target. First resistance is last Friday's high crossing at 139.03. Second resistance is March's high crossing at 139.66. First support is the 20-day moving average crossing at 137.95. Second support is April's low crossing at 136.69.

The June British Pound closed slightly lower on Thursday but not before posting a new high for the year. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, weekly resistance crossing at 1.7043 is the next upside target. Multiple closes below the 20-day moving average crossing at 1.6650 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.6834. Second resistance is weekly resistance crossing at 1.7043. First support is the 20-day moving average crossing at 1.6650. Second support is the reaction low crossing at 1.6545.

The June Swiss Franc closed lower due to profit taking on Thursday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at .11326 are needed to confirm that a short-term top has been posted. If June renews the rally off April's low, March's high crossing at .11503 is the next upside target. First resistance is last Friday's high crossing at .11443. Second resistance is March's high crossing at .11503. First support is the 20-day moving average crossing at .11326. Second support is the 62% retracement level of the January-March-rally crossing at .11160.

The June Canadian Dollar closed slightly higher on Thursday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 90.55 are needed to confirm that a short-term top has been posted. If June renews the rally off March's low, the 38% retracement level of the 2013-2014-decline crossing at 92.96 is the next upside target. First resistance is last Wednesday's high crossing at 91.95. Second resistance is the 38% retracement level of the 2013-2014-decline crossing at 92.96. First support is the 20-day moving average crossing at 90.55. Second support is April's low crossing at 88.45.

The June Japanese Yen closed lower on Thursday. Today's low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at .9763 would confirm that a short-term top has been posted. If June renews this month's rally, February's high crossing at .9930 is the next upside target. First resistance is March's high crossing at .9886. Second resistance is February's high crossing at .9930. First support is the 20-day moving average crossing at .9763. Second support is this month's low crossing at .9598.

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