FX - EURO
THE EURO closed lower on Thursday ending a twoday correction
off Monday's high. The lowrange close sets the stage for a steady to lower
opening on Friday. Stochastics and the RSI remain neutral to bearish signalling
that sideways to lower prices are possible nearterm. If it extends the
aforementioned decline, monthly support crossing is the next downside target.
Closes below the 20day moving average crossing would confirm that a shortterm
top has been posted.
FX - YEN
THE YEN closed slightly lower on Thursday and highrange
close sets the stage for a steady opening on Friday. Stochastics and the RSI
remain neutral to bearish signalling that sideways to lower prices are possible
nearterm. Closes above the 20day moving average crossing would temper the
nearterm friendly outlook. If it extends the decline off December's high, the
reaction low crossing is the next downside target.
FX - SWISS FRANC
THE SWISS FRANC closed lower due to short covering on Thursday.
The lowrange close sets the stage for a steady to lower opening on Friday.
Stochastics and the RSI are turning bearish signalling that sideways to lower
prices are possible nearterm. Closes below the reaction low crossing are needed
to confirm that a high has been posted. If it renews the rally off October's
low, weekly resistance crossing is the next upside target.
FX - STERLING
STERLING closed higher on Thursday and the highrange close
sets the stage for a steady to higher opening on Friday. Stochastics and the
RSI remain bearish signalling that sideways to lower prices are possible
nearterm. If it extends the aforementioned decline, monthly support crossing is
the next downside target. Closes below the 20day moving average crossing are
needed to confirm that a shortterm top has been posted.
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