FX Market Commentary 23.1.2015

FX - EURO

THE EURO closed sharply lower on Thursday and the lowrange close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish hinting that a shortterm top might be in or is near. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted. If it extends the aforementioned decline, monthly support crossing is the next downside target.

FX - YEN

THE YEN closed higher on Thursday and the highrange close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bullish signalling that additional strength is possible nearterm. If it extends the rally off October's low, December's high crossing is the next upside target. Closes above the 10day moving average crossing are needed to confirm that a shortterm bottom has been posted.

FX - SWISS FRANC

THE SWISS FRANC closed higher on Thursday and the highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned rally, weekly resistance crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.

FX - STERLING

STERLING closed lower on Thursday and the lowrange close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible nearterm. If it renews the decline off July's high, 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.