FX Market Commentary 12/17/2014

FX – EURO

THE EURO closed higher on Tuesday as it extends the rally off December's low. The highrange close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the aforementioned rally, November's high crossing is the next upside target. If it renews this year's decline, monthly support crossing is the next downside target.

FX – YEN

THE YEN closed lower on Tuesday as it extends the decline off December's high. The midrange close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned decline, the 25% retracement level of the 20132014rally crossing is the next downside target. If it renews this year's rally, weekly resistance crossing is the next upside target.

FX - SWISS FRANC

THE SWISS FRANC closed lower on Tuesday as it extends the decline off December's high. The midrange close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned decline, November's 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 Tuesday. The highrange close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it extends the decline off July's high, monthly support crossing is the next downside target.