FX Market Commentary 12/05/2014

FX – EURO

THE EURO closed higher on Thursday. The lowrange close sets the stage for a steady to lower opening when Friday'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 year's decline, monthly support crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a low has been posted.

FX – YEN

THE YEN closed lower on Thursday. The midrange close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this fall's rally, weekly resistance crossing is the next upside target. Closes below the 20day moving average crossing are needed to confirm that a shortterm high has been posted.

FX - SWISS FRANC

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

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