The EURO closed higher on Thursday and the highrange close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain neutral to bearish signalling that additional weakness is possible nearterm. If it extends the decline off October's high, the 75% retracement level of the 20102011rally on the weekly continuation chart crossing is the next downside target.
The YEN closed slightly lower on Thursday and midrange close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. Closes above the 20day moving average crossing would temper the nearterm friendly outlook. If it extends the decline off December's high, the reaction low crossing is the next downside target.
The SWISS FRANC closed lower due to short covering on Thursday. The lowrange close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bearish signalling that sideways to lower prices are possible nearterm. Closes below the reaction low crossing are needed to confirm that a high has been posted. If it renews the rally off October's low, weekly resistance crossing is the next upside target.
STERLING closed higher on Thursday and the highrange close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned decline, October's low crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
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