The EURO closed higher on Tuesday and the highrange close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are 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 lower on Tuesday and extended last week's decline. The lowrange close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends today's decline, the reaction high crossing is the next downside target. Closes above the 20day moving average crossing would temper the nearterm outlook.
The SWISS FRANC closed lower due to short covering on Tuesday. The lowrange close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible nearterm. Closes below the reaction high 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 due to short covering on Tuesday. The highrange close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends last week's decline, October's low crossing is the next downside target. Closes above the reaction high crossing would confirm an upside breakout of December's trading range.
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