Foreign Exchange Market Commentary

Daily Forex Technicals | Written by HY Markets | Nov 12 09 08:03 GMT |

EUR/USD closed lower on Tuesday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, October's high crossing is the next upside target. Closes below Tuesday's low crossing are needed to confirm that a top has been posted. USD/JPY closed higher on Tuesday due to short covering. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signalling that additional gains are possible. If it extends this week's rally, the reaction high crossing is the next upside target. Closes below the 10-day moving average crossing are needed to confirm that a short-term top has been posted. GBP/USD closed lower on Tuesday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, October's high crossing is the next upside target. Closes below Tuesday's low crossing are needed to confirm that a top has been posted. USD/CHF closed higher on Tuesday due to short covering. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signalling that additional gains are possible. If it extends this week's rally, the reaction high crossing is the next upside target. Closes below the 10-day moving average crossing are needed to confirm that a short-term top has been posted. HY Markets http://www.hymarkets.com