| Daily Forex Technicals | Written by HY Markets | Jun 10 09 03:31 GMT | | |
| EUR/USD closed sharply higher on Tuesday due to short covering as it consolidated some of its decline off last week's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Despite today's rebound, stochastics and the RSI remain bearish signalling that sideways to lower prices is 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 this spring's rally, the 87% retracement level of the December-March decline crossing is the next upside target.
USD/JPY closed higher due to short covering on Tuesday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.
GBP/USD closed sharply higher due to short covering on Tuesday as it consolidates some of last week's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Despite today's rebound, stochastics and the RSI remain 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 the rally off April's low, the 50% retracement level of the 2008-2009 decline crossing is the next upside target.
USD/CHF closed higher due to short covering on Tuesday as it consolidated some of the decline off last week's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Despite today's rebound, stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off last week's high, the reaction low crossing is the next downside target. Closes above the 10-day moving average crossing would temper the near-term bearish outlook in the market.
HY Markets | |
Wednesday, June 10, 2009
Foreign Exchange Market Commentary
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