Forex Market Commentary 26.02.2015

FX - EURO

THE EURO closed higher on Wednesday and the highrange close sets the stage for a steady to higher opening on Thursday. 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 Wednesday and the midrange close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are bearish hinting that a shortterm high might be in or is near. Closes below the reaction low crossing are needed to confirm that a shortterm bottom has been posted. If it renews the decline off February's high, monthly support crossing is the next downside target.

FX - SWISS FRANC

THE SWISS FRANC closed lower on Wednesday and the lowrange close sets the stage for a steady to lower opening when Thursday'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 rally, January's high crossing is the next upside target.Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.

FX - STERLING

STERLING closed higher on Wednesday and the highrange close sets the stage for a steady to higher opening when Thursday'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 year's decline, weekly support crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.