ForexTrade — Daily Market Commentary 12/01/2014

FX – EURO 

 

THE EURO closed sharply lower on Friday and the lowrange close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. Multiple closes below the reaction low crossing would confirm a trend change has taken place. Closes above Wednesday's high crossing would confirm that a shortterm low has been posted.

FX – YEN

THE YEN closed higher on Friday and the highrange 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 additional strength is possible nearterm. If it extends the rally off September's low, the 62% retracement level of the MarchSeptember decline crossing is the next upside target. Closes below the 20day moving average would confirm that a shortterm high has been posted.

FX - SWISS FRANC

THE SWISS FRANC closed higher on Friday and the highrange close sets the stage for a steady opening when Monday'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 reaction high crossing would confirm that a double bottom has been posted. Closes below Wednesday's low crossing would confirm that a shortterm high has been posted.

FX – STERLING

STERLING closed lower on Friday and 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 week's rally, the reaction high crossing is the next upside target. If it renews the decline off September's high, the 50% retracement level of the JuneSeptember rally crossing is the next downside target.

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