| Daily Forex Technicals | Written by HY Markets | Dec 23 08 02:47 GMT | | |
| EUR/USD posted an inside day with a higher close on Monday as it consolidated some of last Friday's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned bearish signalling 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 low has been posted. If it renews last week's rally's, the 75% retracement level of the July-October decline crossing is the next upside target.
USD/JPY closed higher on Monday extending last Thursday's rally. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are diverging and are turning bullish signalling that a short-term bottom might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term bottom has been posted. If it extends the decline, support crossing is the next downside target.
GBP/USD closed higher on Monday as it consolidated last week's decline below moving average support. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, this month's low crossing is the next downside target. Closes above last Wednesday's high crossing are needed to renew this month's rally.
USD/CHF posted an inside day with a lower close on Monday as it consolidated some of last Friday's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning bullish signalling that a bottom is in or is near. Closes above the 20-day moving average crossing would temper the near-term friendly outlook in the market. If it renews last week's decline, the 75% retracement level of this summer's rally crossing is the next downside target.
HY Markets | |
Tuesday, December 23, 2008
Foreign Exchange Market Commentary
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