The big question for the SPX is how low it will drop. Price action shows a lot of similarities with the February leg of the decline. A decline of similar magnitude gives lower price targets of 2532 and 2470. The lower boundary of both daily and monthly channel projections for next week is at 2560:
The Euro has been trading in a narrow range since the beginning of ’18. Currently, it finds itself in the middle of its CIT Channel projected price range for next week, and the CIT Risk/Reward oscillator (CIT RR Oscillator) is neutral. First upside target is 1.242, support and downside target at 1.224:
The Pound’s bullish run which started at the beginning of March continues in full swing. The CIT RR Oscillator is getting overbought, however, suggesting that Cable is reaching its upside target and resistance. The CIT Channels projected trading range for next week is: 1.4 – 1.423:
The USD has been weakening against the Yen since January ’17 and the bearish trend is accelerating. The CIT RR Oscillator is getting oversold, suggesting that the Yen is approaching its short-term target and support levels. Projected trading range for next week: 104.25 – 106:
The USD has been in an uptrend against the CAD since early February, making higher highs and higher lows. As of March, however, the trend has flattened and trading has been confined to a narrow trading range. Currently the USD is testing support at the lower boundary of that range. Projected weekly range: 1.28 – 1.3
The USD has been in a long-term decline against the Swiss franc (CHF) since the double top in 2000 and 2001. Short-term, the USD has been rallying since mid-February and finds itself currently in the middle of a bearish counter-trend swing. Projected range for next week: 0.94 – 0.96:
Following a rally which started mid-2015, the Aussie dollar has found resistance at 0.81 and has been in decline since late January ’18. Currently the AUD is trying to stage a short-term counter-trend rally which will fail if support at 0.767 is broken. Projected range for next week: 0.764 – 0.779:
