Foreign Exchange Market Commentary

Daily Forex Technicals | Written by HY Markets | Jan 13 09 03:04 GMT |

EUR/USD closed lower on Monday as it extended last week's decline below the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, broken resistance crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. USD/JPY closed lower on Monday as it extended last week's decline below the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, broken resistance crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. GBP/USD closed lower on Monday as it consolidates lat week's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, broken resistance crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. USD/CHF closed higher on Monday and above the 20-day moving average crossing confirming that a short-term low has been posted. The high-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. HY Markets http://www.hymarkets.com