Forex Market Commentary 20.03.2015

FX - EURO 

THE EURO closed lower on Thursday and below the 20day moving average crossing confirming that a short term top has been posted. The low range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are bearish signalling that additional weakness is possible near term. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above the 10day moving average crossing would temper the near term bearish outlook.

FX - YEN

THE YEN closed higher on Thursday. Thursday's high range close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish hinting that sideways to lower prices are possible near term. If it renews the decline off March's high, February's low crossing is the next downside target. If it renews last week's rally, March's high crossing is the next upside target.

FX - SWISS FRANC

THE SWISS FRANC closed higher on Thursday. The high range close sets the stage for a steady to higher opening when Friday'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 March's low, the 50% retracement level of the January March decline crossing is the next upside target. Closes below the 20day moving average crossing would temper the near term bullish outlook.

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 above the 20day moving average crossing would temper the near term bearish outlook.