FX Market Commentary 12/11/2014

FX - EURO

THE EURO closed higher on Wednesday. The highrange close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning 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 extends this year's decline, monthly support crossing is the next downside target.

FX – YEN

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

FX - SWISS FRANC

THE SWISS FRANC closed lower on Wednesday. The lowrange close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signalling that a high might be in or is near. Closes below the 20day moving average crossing are needed to confirm that a high has been posted. If it extends the rally off July's low, monthly resistance crossing is the next upside target.

FX – STERLING

STERLING closed higher on Wednesday. The highrange close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it extends the decline off July's high, monthly support crossing is the next downside target.

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