Daily Forex Technicals | Written by HY Markets | Sep 26 08 02:36 GMT | | |
EUR/USD closed lower on Thursday as it consolidated some of Monday's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews this week's rally, the 50% retracement level of the July-September decline crossing is the next upside target. USD/JPY closed higher on Thursday and above the 10-day moving average crossing signalling that a short-term bottom has likely been posted. A short covering decline tempered early losses and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are diverging and are turning bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term bottom has been posted. If it renews the decline off August's high, May's low crossing is the next downside target. GBP/USD posted a key reversal down on Thursday after testing the 50% retracement level of the July- September decline crossing. The low-range close sets the stage for a steady to lower opening on Friday. Additional weakness on Friday would confirm today's key reversal down thereby increasing the odds that this month's rally has ended. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. USD/CHF closed unchanged on Thursday due to profit taking as it consolidates some of Monday's decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it renews this week's decline, the 62% retracement level of the July-September rally crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term bottom has been posted. HY Markets |
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Friday, September 26, 2008
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