Forex Market Commentary 05.03.2015

FX -EURO

THE EURO closed lower on Wednesday and the lowrange close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off February's high, monthly support crossing is the next downside target. Closes below the 20day moving average crossing confirming that a shortterm top has been posted.

FX - YEN

THE YEN closed higher on Wednesday and above the 10day moving average crossing confirming that a shortterm bottom has been posted. Wednesday's highrange close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible nearterm. If it renews the decline off March's high, February's low crossing is the next downside target.

FX - SWISS FRANC

THE SWISS FRANC closed higher on Wednesday. The highrange close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling 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 extends the decline off January's high, weekly support crossing is the next downside target.

FX - STERLING

STERLING closed lower on Wednesday breaking out to the downside of the trading range of the past four weeks. The lowrange close sets the stage for a steady to lower 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 today's decline, the 38% retracement level of the NovemberFebruaryrally crossing is the next downside target. Closes below the 20day moving average crossing confirming that a shortterm top has been posted.