Forex Market Commentary 09.02.2015

FX - EURO

THE EURO closed slightly lower on Friday. The lowrange close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the aforementioned rally, the reaction high crossing is the next upside target. Closes below the 20 day moving average crossing would confirm that a shortterm top has been posted.

FX - YEN

THE YEN closed higher on Friday. Friday's highrange close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned bullish hinting that a shortterm bottom might be in or is near. Closes above the 20day moving average crossing would confirm that a shortterm bottom has been posted. If it renews the decline off January's high, the 62% retracement level of the OctoberJanuary rally crossing is the next downside target.

FX - SWISS FRANC

THE SWISS FRANC closed higher on Friday as it extended this week's rally. 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 bullish signalling that sideways to higher prices are possible nearterm. Today's close above the 20day moving average confirms that a shortterm bottom has been posted. If it extends this week's rally, January's high crossing is the next upside target. If it renews the decline off January's high, December's low crossing is the next downside target.

FX - STERLING

STERLING 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 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 rally off November's low, monthly resistance crossing is the next upside target.