Markets Commentary 11/21/2014

FX - EURO

THE EURO closed higher on Thursday. The midrange close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average crossing are needed to confirm that a low has been posted. If it renews this summer's decline, monthly support crossing is the next downside target.

FX - YEN

THE YEN closed higher on Thursday as it extends this fall's rally. The lowrange close sets the stage for a steady to lower opening when Friday'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 Thursday. The midrange close sets the stage for a steady opening when Friday'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 this week's decline, the reaction low crossing is the next downside target. If it renews the rally off July's low, monthly resistance crossing is the next upside target.

FX - STERLING

STERLING closed higher on Thursday. The midrange close sets the stage for a steady opening when Friday'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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