Forex Market Commentary 29.01.2015

FX - EURO

THE EURO closed lower on Wednesday. The lowrange close sets the stage for a steady to lower opening when Thursday'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 summer's decline, monthly support crossing is the next downside target. Closes below the 20day moving average crossing are needed to confirm that a top has been posted.

FX - YEN

THE YEN closed lower on Wednesday . The lowrange close sets the stage for a steady opening when Thursday'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 January's high, the 50% retracement level of the OctoberJanuary rally crossing is the next downside target. Closes above the 10day moving average crossing would confirm that a shortterm bottom has been posted.

FX - SWISS FRANC

THE SWISS FRANC 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 remain 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. Closes below the 20day moving average crossing would confirm that a high has been posted.

FX – STERLING

STERLING closed lower on Wednesday. The lowrange close sets the stage for a steady to lower opening when Thursday'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 62% retracement level of the 20132014rally crossing is the next downside target. Closes above the reaction high crossing would confirm that a low has been posted.