Foreign Exchange Market Commentary

EUR/USD closed lower on Tuesday and below the 10-day moving average crossing at 1.4772 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, December's low crossing at 1.4329 is the next downside target. Closes above the 20-day moving average crossing at 1.4858 are needed to confirm that short-term low has been posted.

USD/JPY closed higher on Tuesday and above the 10-day moving average crossing confirming that a short-term low has been posted. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the reaction high crossing is the next upside target.

GBP/USD closed lower on Tuesday and below the 10-day 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 on Wednesday. Stochastics and the RSI are turning bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, December's low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that short-term low has been posted.

USD/CHF closed higher on Tuesday and above the 10-day moving average crossing confirming that a short-term low has been posted. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the reaction high crossing is the next upside target.

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