THE EURO closed lower on Wednesday. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible nearterm. The midrange close sets the stage for a steady opening when Thursday’s night session begins trading. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted. If it renews this month’s rally, the 50% retracement level of the AugustDecemberdecline crossing is the next upside target.
THE YEN closed lower on Wednesday as it extends the decline off last Friday’s high. The lowrange close sets the stage for a steady to lower opening when Thursday’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 the decline off last Friday’s high, it’s low crossing is the next downside target. Closes above the 20day moving average crossing would temper the nearterm friendly outlook.
THE SWISS FRANC closed higher on Wednesday as it consolidates some of last week’s decline. The midrange close sets the stage for a steady opening when Thursday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a shortterm bottom might be in or is near. Closes above the 20day moving average crossing are needed to confirm that a shortterm bottom has been posted. If it renews this month’s decline, the 25% retracement level of the JanuaryNovemberrally crossing is the next downside target.
STERLING closed higher due to short covering on Wednesday. The midrange close sets the stage for a steady opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned decline, the 87% retracement level of the AprilJunerally crossing, closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
Overseas Change Market Commentary
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