Monday 16 February 2015

Forex Market Commentary 16.02.2015


FX - EURO 


THE EURO closed higher on Friday as it extends the rally off this month's low. The lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are 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 20day moving average crossing would confirm that a shortterm top has been posted.

FX - YEN



THE YEN closed lower on Friday. Friday's lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible nearterm. If it renews the decline off January's high, the 62% retracement level of the OctoberJanuary rally crossing is the next upside target. Closes above the 20day moving average crossing would confirm that a shortterm bottom has been posted.

FX - SWISS FRANC


THE SWISS FRANC closed higher on Friday and the highrange close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off January's low, the reaction high crossing is the next upside target. Closes below the 20day moving average crossing would temper the nearterm friendly outlook.

FX - STERLING


STERLING soared to a new contract high on Friday.The highrange close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off last week's low, monthly resistance crossing is the next upside target. Closes below the 10day moving average crossing would confirm that a shortterm top has been posted.

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