Friday 16 January 2015

FX Market Commentary 1/16/2015


FX - EURO


THE EURO closed lower on Thursday ending a twoday correction off Monday's high. The lowrange close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned decline, monthly support crossing is the next downside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.

FX - YEN


THE YEN closed slightly lower on Thursday and highrange close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. Closes above the 20day moving average crossing would temper the nearterm friendly outlook. If it extends the decline off December's high, the reaction low crossing is the next downside target.

FX - SWISS FRANC


THE SWISS FRANC closed lower due to short covering on Thursday. The lowrange close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bearish signalling that sideways to lower prices are possible nearterm. Closes below the reaction low crossing are needed to confirm that a high has been posted. If it renews the rally off October's low, weekly resistance crossing is the next upside target.

FX - STERLING


STERLING closed higher on Thursday and the highrange close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned decline, monthly support crossing is the next downside target. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted.

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