FX Market Commentary 1/8/2015

FX – EURO 

THE EURO closed lower due to profit taking on Wednesday and the lowrange close sets the stage for a steady opening on Thursday.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 10day moving average crossing would confirm that a shortterm top has been posted.

FX – YEN

THE YEN closed high on Wednesday and the highrange close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted. If it renews the rally off October's low, monthly resistance is the next upside target.

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 last week's rally, monthly resistance is the next upside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.

FX – STERLING

STERLING closed lower on Wednesday extending last week's decline. The midrange 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 last week's high, weekly support is the next downside target. Closes below the 20day moving average crossing are needed to confirm that a top has been posted.