Foreign Exchange Market Commentary

Daily Forex Technicals | Written by HY Markets | Jul 19 08 09:41 GMT |

EUR/USD closed higher due to profit taking on Thursday as it extends last week's decline. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews last week's rally, April's high crossing is the next upside target. USD/JPY closed higher on Thursday and above the 20-day moving average crossing. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. Thursday's close above the 20-day moving average opens the door for a possible test of June's high crossing later this month. If it renews the decline off June's low, May's high crossing is the next downside target GBP/USD closed higher on Thursday and below the 20-day moving average crossing confirming that a short-term top has been posted. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above the 10-day moving average crossing are needed to confirm that a short-term low has been posted. USD/CHF closed higher on Thursday and above the 20-day moving average crossing confirming that a short-term bottom has been posted. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near- term. Closes below today's low crossing are needed to confirm that a short-term high has been posted. HY Markets http://www.hymarkets.com