Foreign Exchange Market Commentary – Daily 05.25.2010
Posted by adminEUR/USD closed lower ending a three-day correction off last week’s low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews this year’s decline, monthly support crossing is the next downside target.
USD/JPY closed higher on Monday as it consolidated some of last week’s decline. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 20-day moving average crossing are needed to confirm that a short-term bottom has been posted.
GBP/USD closed lower on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends this month’s decline, the 87% retracement level of 2009′s rally crossing is the next downside target.
USD/CHF closed higher on Monday as it extended this spring’s rally. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bullish signalling that additional strength is possible near-term. If it extends this month’s rally, weekly resistence crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term high has been posted.
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