Wednesday 7 January 2015

FX Market Commentary 1/7/2015


FX - EURO


THE EURO closed lower on Tuesday and the lowrange close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it renews last week's decline, monthly support is the next downside target. Closes below the 10day moving average crossing are needed to confirm that a shortterm top has been posted.

FX - YEN


THE YEN closed lower on Tuesday and the lowrange close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signalling that additional strength is possible nearterm. If it extends the rally off October's low, weekly resistance crossing is the next upside target. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted.

FX - SWISS FRANC


THE SWISS FRANC closed higher on Tuesday and the highrange close sets the stage for a steady to higher opening when Wednesday'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 last week's rally, monthly resistance is the next upside target. Closes above last Wednesday's high crossing are needed to confirm that a shortterm low has been posted.

FX - STERLING


STERLING closed lower on Tuesday renewing last week's decline. The lowrange close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. If it renews last week's decline,weekly support 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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