Forex Market Commentary 17.03.2015

FX - EURO

THE EURO closed higher on Monday as it extends the rally off February's low. 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 additional gains are possible near term. If it extends the rally off February's low, monthly resistance crossing is the next upside 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 slightly lower on Monday and the high range close sets the stage for a steady to higher 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 renews 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 Monday. 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 turning bearish signalling that sideways to lower prices are possible near term. Closes above the 20day moving average crossing are needed to confirm that a short term low has been posted. If it renews the rally off February's low,monthly resistance crossing is the next upside target.

FX - STERLING

STERLING closed higher on Monday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near term. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Closes below the 20day moving average crossing are needed to confirm that a short term top has been posted. If it renews this year's decline, weekly support crossing is the next downside target.