FX - EURO
THE EURO closed higher on Thursday. 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 decline off December's high, the 50% retracement level of the JulyDecember rally crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.
FX - YEN
THE YEN closed lower on Thursday. Tursday's highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a shortterm bottom might be in or is near. Closes above the 20day moving average crossing would confirm that a shortterm bottom has been posted. If it renews the rally off January's high, the 62% retracement level of the OctoberJanuary rally crossing is the next downside target.
FX - SWISS FRANC
THE SWISS FRANC closed lower 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 turning neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off last week's high, January's low crossing is the next downside target. If it renews the rally off January's low, January's high crossing is the next upside target.
FX - STERLING
STERLING closed higher on Thursday. The highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. If it extends Monday's decline, the 25% retracement level of the JulyJanuary rally crossing is the next downside target. Closes above the 10day moving average crossing would confirm that a shortterm low has been posted.
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