Market Commentary 11/24/2014

FX - EURO

THE EURO closed lower on Friday. The lowrange close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible nearterm. If it renews this summer's decline, monthly support crossing is the next downside target. Closes above Wednesday's high crossing are needed to confirm that a low has been posted.

FX - YEN

THE YEN closed lower due to short covering on Friday. The lowrange close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this fall's rally, weekly resistance crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm high has been posted.

FX - SWISS FRANC

 THE SWISS FRANC closed higher on Friday. The midrange close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible nearterm. If it renews the rally off July's low, monthly resistance crossing is the next upside target. If it extends this month's decline, the reaction low crossing is the next downside target.

FX - STERLING

STERLING closed lower on Friday. The lowrange 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 signalling that sideways to lower prices are possible nearterm. If it extends the decline off July's high, the 75% retracement level of the 20132014rally crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a low has been posted.

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