Daily Market Commentary ‏11/26/2014

FX – EURO

 

THE EURO closed higher due to short covering on Tuesday. The highrange close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. If it renews this summer's decline, monthly support crossing is the next downside target. Closes above last Wednesday's high crossing are needed to confirm that a low has been posted.

FX – YEN

THE YEN closed lower due to short covering on Tuesday. The midrange close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a high might be in or is near. Closes below the 20day moving average crossing would confirm that a shortterm high has been posted. If it resumes this fall's rally, weekly resistance crossing is the next upside target.

FX - SWISS FRANC

THE SWISS FRANC closed lower due to short covering on Tuesday as it consolidates some of last Friday's rally. The lowrange close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it renews the rally off July's low, monthly resistance crossing is the next upside target. If it renews the decline off November's high, the reaction low crossing is the next downside target.

FX – STERLING

STERLING closed higher on Tuesday. The highrange close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average crossing are needed to confirm that a low has been posted. If it resumes the decline off July's high, the 75% retracement level of the 20132014rally crossing is the next downside target.

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