| Daily Forex Technicals | Written by HY Markets | Jul 30 08 11:05 GMT | | |
| EUR/USD closed sharply lower on Tuesday as it extended last week's decline below the 20-day moving average. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain bearish hinting 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 20-day moving average crossing are needed to confirm that a short-term top has been posted.
USD/JPY closed higher on Tuesday as it consolidates above the reaction high crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral hinting that sideways to higher prices are possible near-term. If it extends today's rally, last week's high crossing is the next upside target. Multiple closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
GBP/USD closed sharply lower on Tuesday as it extended last week's decline and closed below the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain neutral to bearish hinting that sideways to lower prices are possible near-term. If it extends today's decline, the reaction low crossing is the next downside target later this summer. Closes above today's high crossing would temper the near-term bearish outlook in the market. Closes above this month's high crossing are needed to renew this month's rally.
USD/CHF posted an insided day and closed higher on Tuesday as it consolidates above the reaction high crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral hinting that sideways to higher 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.
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