Forex Market Commentary 10.02.2015

FX - EURO

THE EURO closed higher on Monday and the highrange close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends this week's decline, the reaction low crossing is the next downside target. Closes below the 10day moving average crossing would temper the nearterm bearish outlook. If it renews this winter's rally, weekly resistance crossing is the next upside target.

FX - YEN

THE YEN closed lower on Monday. Monday's lowrange close sets the stage for a steady to lower opening when Tuesday'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 decline 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 slightly 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 neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends last week's decline, the reaction 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 lower on Monday and 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 bullish hinting that a low might be in or is near. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted. If it extends this year's decline, the 75% retracement level of 2012's rally crossing is the next downside target.