Forex Market Commentary 24.02.2015

FX – EURO

THE EURO closed lower on Monday and the lowrange close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this month's decline, the 62% retracement level of the NovemberFebruary rally crossing is the next downside target. Closes above the 20day moving average crossing would temper the nearterm bearish outlook.

FX - YEN

THE YEN closed lower on Monday. Monday's lowrange close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, the reaction high crossing is the next upside target. 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 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 remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this month's decline, December's low crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm bottom has been posted.

FX - STERLING

STERLING closed higher on Monday. The highrange close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a shortterm top might be in or is near. Closes below the 20 day moving average crossing would confirm that a shortterm top has been posted. If it resumes the rally off February's low, monthly resistance crossing is the next upside target.