Forex Market Commentary 13.03.2015

FX - EURO

THE EURO closed higher due to short covering on Thursday and the high range close sets the stage for a steady 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, the 62% retracement level of the July February rally crossing is the next downside target.Closes below the 20day moving average crossing would confirm that a top has been posted.

FX - YEN

THE YEN closed lower on Thursday. Thursday's high range close sets the stage for a steady to higher opening when Thursday'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 this week's rally, March's high crossing is the next upside target. 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 lower on Thursday and the high range close sets the stage for a steady to higher opening on Friday. 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 Thursday as it extends this week's decline. The low range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near term. If it extends this week's decline, the 38% retracement level of the November February rally crossing is the next downside target. Closes below the 20day moving average crossing would confirm that a top has been posted.