FX Market Commentary 1/6/2015

FX – EURO

THE EURO closed lower on Monday. Today's lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading.Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends last week's decline,monthly support is the next downside target. Closes below the 10day moving average crossing would signal that a shortterm top has been posted.

FX - YEN

THE YEN closed lower on Monday. The lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a shortterm high might be in or is near. Closes below the 20day moving average crossing are needed to confirm that a shortterm high has been posted. If it renews the rally off October's low, weekly resistance crossing is the next upside target.

FX - SWISS FRANC

THE SWISS FRANC closed higher on Monday. The midrange close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends last week's decline, December's low crossing is the next downside target. Closes above the 10day moving average crossing would confirm that a shortterm bottom has been posted.

FX – STERLING

STERLING closed lower on Monday. The lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning bearish hinting that a shortterm top might be in or is near. Closes below the reaction low crossing would confirm that a shortterm top has been posted. If it extends the rally off November's low, monthly resistance crossing is the next upside target.