NEAR TERM STRENGTH SEEN FOR CURRENCY FUTURES Currency futures are likely to move higher following the sharp rally today after President Reagan announced that Paul Volcker would not accept a third term as Federal Reserve Chairman and that Alan Greenspan was nominated as his replacement, currency analysts said. Contrary to predictions before the Volcker resignation, analysts are calling for higher currency futures prices between now and the June 8 Venice economic summit. In particular, uncertainty about Greenspan's attitude to the dollar could undermine sentiment toward the U.S. currency, analysts said. Greenspan said today that the dollar appeared to be nearing a bottom, but the market will bear in mind his remarks in Chicago last week that the dollar's recent move upward was a technical reaction and that it would trade significantly lower, analysts said. "Disappointment of European central bankers over the appointment will be used as an opportunity to sell the dollar lower," said Manufacturers Hanover Futures vice president Carol Mackoff. "The international community will not like this appointment," as it suggests the possibility that the U.S. budget deficit is too much of a burden on monetary policy and that Volcker was unable to get the commitment he sought to reduce the deficit, added Merrill Lynch Economics analyst David Horner. Furthermore, "that Greenspan was not named two months ago suggests that he was not the Administration's first choice -- and that the status of his appointment was as a bridesmaid," Horner said. A declining dollar scenario with higher currency futures prior to and throughout the Venice meetings would be mitigated only by concrete action as opposed to "jawboning" at the G-7 summit, he said. But G-7 finance ministers, judged by recent statements, may be at an impasse, analysts said. Japan and West Germany today reiterated that neither planned further interest rate cuts, despite pressure from the U.S. to do so, Mackoff said. The U.S., on the other hand, has not cut its budget deficit as Japan and West Germany have urged, she said. Should G-7 members force a U.S. commitment to cut its budget deficit in the next two years, a further decline in the dollar could be forestalled, Horner said. However, "the impact from Venice will be nothing if nothing changes," Horner said. Smith Barney, Harris Upham and Co. analyst Craig Sloane said European currencies will likely move to the higher end of their 1987 ranges after today's sharp advance. For the next two weeks, Sloan calls for September yen futures to advance toward the 0.007200 area. He said September marks could close in on 0.5700 as an upside target, while Swiss francs could climb to a range between 0.6900 and 0.6950.