Monday 2 February 2015

Forex Market Commentary 02.02.2015


FX - EURO


THE EURO closed lower on Friday renewing the decline off December's high. The lowrange close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off December's high, the 38% retracement level of the JulyDecember rally 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 lower on Friday. The lowrange close sets the stage for a steady to lower opening when Monday'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 decline off January's high, the 50% retracement level of the OctoberDecember rally crossing is the next downside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.

FX - SWISS FRANC


THE SWISS FRANC closed lower on Friday and The lowrange close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, January's high crossing is the next upside target. Closes above the 10day moving average crossing would confirm that a shortterm low has been posted.

FX - STERLING


STERLING closed lower on Friday. The highrange close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned bearish signalling that sideways to lower prices are possible nearterm. Closes below January's low crossing would confirm that a top has been posted and would signal that a shortterm trend change has taken place. If it renews the decline off July's high, weekly support crossing is the next downside target.

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