THE EURO closed lower on Thursday as it extends December’s trading range. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. The lowrange close sets the stage for a steady to lower opening when Monday’s night session begins trading. Closes below the reaction low crossing would confirm a downside breakout of December’s trading range. 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 Thursday as it renewed the decline off December’s high. The lowrange close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are oversought but remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off December’s high, the reaction low crossing is the next downside target. Closes above the 20day moving average crossing would temper the nearterm friendly outlook.
THE SWISS FRANC closed sharply lower on Thursday and below the reaction low crossing confirming that a shortterm top has been posted while opening the door for additional weakness. The lowrange close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a shortterm top might be in or is near. If it renews the decline off December’s high, the 25% retracement level of the JanuaryNovemberrally crossing is the next downside target.
STERLING closed lower on Thursday and below the 87% retracement level of the AprilJunerally crossing as it renewed this year’s decline. The lowrange close sets the stage for a steady to lower opening when Monday’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 this year’s decline, last April’s low crossing is the next downside target. 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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