Forex Market Commentary 16.03.2015

FX - EURO

THE EURO closed sharply lower on Friday and below the 20day moving average crossing confirming that a short term top has been posted. The low range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near term. If it extends this week's decline, April's low crossing is the next downside target.

FX - YEN

THE YEN closed higher on Friday. Friday's high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signalling that sideways to higher prices are possible near term.If it extends this month's decline, February's low crossing is the next downside target.

FX - SWISS FRANC

THE SWISS FRANC closed higher on Friday. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a high might be in or is near. Closes below the 20day moving average crossing would temper the near term bullish outlook. If it extends the aforementioned rally, the 75% retracement level of the January March decline crossing is the next upside target.

FX - STERLING

STERLING closed lower on Friday. The low range close sets the stage for a steady to lower opening when Monday'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 below the 20day moving average crossing are needed to confirm that short term top has been posted. If it extends this month's decline, the reaction low crossing is the next downside target.