The EURO closed higher on Friday and above the 20day moving average crossing tempering the nearterm bearish outlook. The midrange close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning neutral hinting that a low might be in or is near. Closes above this month's high crossing are needed to renew the rally off January's low. If it extends last week's decline, the reaction low crossing is the next downside target.
The YEN closed higher on Friday and the highrange close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, the 50% retracement level of the 2011rally crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm high has been posted.
The SWISS FRANC closed lower on Friday as it consolidated some of last week's rally. The midrange close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning neutral signalling that sideways to lower prices are possible nearterm. Closes below the reaction low crossing are needed to renew the decline off January's high. If it extends last week's rally, the reaction high crossing is the next upside target.
STERLING closed higher on Friday and the midrange close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the reaction high crossing are needed to renew the rally off January's low. If it renews Tuesday's decline, the reaction low crossing is the next downside target.
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