Foreign Exchange Market Commentary

Daily Forex Technicals | Written by HY Markets | Nov 02 09 07:59 GMT |

EUR/USD closed lower on Friday as it consolidates below the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, this month's low crossing is the next downside target. Closes above the 10-day moving average crossing are needed to confirm that a low has been posted. USD/JPY closed lower on Friday and below the 20-day moving average crossing confirming that a short-term high has been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned bearish signalling that additional weakness is possible. If it extends last week's decline, the reaction low crossing is the next downside target. Closes above the 10-day moving average crossing are needed to confirm that a short-term bottom has been posted. GBP/USD closed lower on Friday as it consolidates some of Thursday's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bullish hinting that sideways to higher prices are possible near-term. If it extends this month's rally, the reaction high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. USD/CHF closed higher on Friday and is poised to renew last week's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends last week's rally, the reaction high crossing is the next upside target. Closes below the 10-day moving average crossing would confirm that a short-term bottom has been posted. HY Markets http://www.hymarkets.com