CURRENCY MARKET RECAP

December US Dollar closed down 0.355 at 76.430. This was 0.055 up from the low and 0.385 off the high.

December Euro closed up 0.68 at 147.26. This was 0.85 up from the low and 0.11 off the high.

December Japanese Yen finished up 0.35 at 110.18, 0.86 off the high and 0.67 up from the low.

December Swiss finished up 0.43 at 97.11, 0.07 off the high and 0.6 up from the low.

December Canadian Dollar finished up 0.61 at 93.78, 0.18 off the high and 0.63 up from the low.

December British Pound closed up 0.09 at 164.99. This was 0.69 up from the low and 0.35 off the high.

Technical Outlook
JAPANESE YEN (DEC) 09/17/2009: Momentum studies are trending lower from high levels which should accelerate a move lower on a break below the 1st swing support. The market's short-term trend is positive on the close above the 9-day moving average. The close over the pivot swing is a somewhat positive setup. The next downside objective is now at 108.64. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 110.81 and 111.69, while 1st support hits today at 109.29 and below there at 108.64.

EURO (DEC) 09/17/2009: 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. A positive setup occurred with the close over the 1st swing resistance. The next upside target is 148.03. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 147.74 and 148.03, while 1st support hits today at 146.78 and below there at 146.12.