Forex Market Commentary 12.03.2015

FX - EURO

THE EURO closed lower on Wednesday and the low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are still possible near term. If it extends the decline off February's high,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 Wednesday and the high range close sets the stage for a steady to higher opening when Thursday'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 September's low, monthly support 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 Wednesday and the low range close sets the stage for a steady to lower on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near term. If it extends the rally off February's low, the 75% retracement level of the July February decline crossing is the next upside target. Closes above the 20day moving average crossing would confirm that a short term low has been posted.

FX - STERLING

STERLING closed lower on Wednesday breaking out to the downside of the trading range of the past four weeks. The low range 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 near term. If it extends today's decline, the 38% retracement level of the November February rally crossing is the next downside target.