Forex Market Commentary 11.02.2015

FX - EURO

THE EURO closed lower on Tuesday and the highrange close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this month's decline, the NovemberJanuary uptrend line crossing is the next downside target. Closes above the 20day moving average crossing would temper the nearterm bearish outlook.

FX - YEN

THE YEN closed higher on Tuesday. Tuesday's highrange close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to 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 Tuesday. The highrange close sets the stage for a steady to higher 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 extends the aforementioned decline, the reaction low crossing is the next downside target. If it renews the rally off January's low, January's high crossing is the next upside target.

FX - STERLING

STERLING closed higher on Tuesday and above the 20day moving average crossing confirming that a shortterm low has been posted. The highrange close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. If it extends the rally off last week's low, January's high crossing is the next upside target.