Forex Market Commentary 10.03.2015

FX - EURO

THE EURO closed higher on Monday and the low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near term. If it extends this winter's decline, monthly support crossing is the next downside target. Closes below the 20day moving average crossing are needed to confirm that a short term top has been posted.

FX - YEN

THE YEN closed higher on Monday as it extends a three month old trading range. The high range 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 near term. If it extends the rally off January's low, December's high crossing is the next upside target. Closes above the 20day moving average crossing are needed to confirm that a short term low has been posted.

FX - SWISS FRANC

THE SWISS FRANC closed higher on Monday as it extends its rally off January's low. The midrange close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near term. If it extends the rally off January's low, the 87% retracement level of January's decline crossing is the next upside target. Closes above the 20day moving average crossing would confirm that a low has been posted.

FX - STERLING

STERLING closed higher due to short covering on Monday as it consolidates some of last week's decline. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near term. If it extends last week's decline, February's low crossing is the next downside target. Closes below the 20day moving average crossing are needed to confirm that a short term top has been posted.