Foreign Exchange Market Commentary

Daily Forex Technicals | Written by HY Markets | Oct 01 09 07:30 GMT |

EUR/USD closed higher on Wednesday as it consolidated yesterday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain bullish signalling that sideways to higher prices are possible near-term. If it extends this month's rally, the 38% retracement level of this year's decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook in the market. USD/JPY closed higher on Wednesday as it consolidated yesterday's decline. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain bullish signalling that sideways to higher prices are possible near-term. If it extends this month's rally, the 38% retracement level of this year's decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook in the market. GBP/USD closed higher on Wednesday as it had its biggest gain in a week against the dollar. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain bullish signalling that sideways to higher prices are possible near-term. If it extends this month's rally, the 38% retracement level of this year's decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook in the market. USD/CHF closed higher on Wednesday as it consolidated yesterday's decline. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain bullish signalling that sideways to higher prices are possible near-term. If it extends this month's rally, the 38% retracement level of this year's decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook in the market. HY Markets http://www.hymarkets.com