Markets Commentary 11/27/2014 ‏

FX – EURO

THE EURO closed higher due to short covering on Wednesday. The highrange close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish hinting that a low might be in or is near. Closes above last Wednesday's high 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 lower due to short covering on Wednesday. The highrange close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a high might be in or is near. Closes below the 20day moving average crossing are needed to confirm that a shortterm high has been posted. If it resumes this fall's rally, weekly resistance crossing is the next upside target.

FX - SWISS FRANC

THE SWISS FRANC closed lower due to short covering on Wednesday as it consolidates some of last Friday's rally. The lowrange close sets the stage for a steady to higher opening when Thursday'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 the decline off November's high, 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 Wednesday. The highrange close sets the stage for a steady to higher opening when Thursday'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 resumes the decline off July's high, the 75% retracement level of the 20132014rally crossing is the next downside target.

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