MARKET COMMENTARY on 10th March 2009
GBP/USD closed lower on Monday thereby renewing the decline off February's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If March extends this week's decline, January's low crossing is the next downside target.
EUR/USD posted an inside day with a lower close on Monday as it consolidated some of last Friday's rally. The mid- range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bullish signaling that a low might be in or is near. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted. If March renews this year's decline, November's low crossing is the next downside target.
USD/CHF Closed higher on Monday as it consolidated some of last Friday's rally but remains below the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing would renew the rally off February's high.
USD/CAD closed lower on Monday and spiked below December's low crossing. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold but are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
USD/YEN closed higher on Monday ending a two-day short covering bounce off the retracement level of the August-January rally crossing. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a short-term high might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term high has been posted.
GBP/USD closed lower on Monday thereby renewing the decline off February's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If March extends this week's decline, January's low crossing is the next downside target.
EUR/USD posted an inside day with a lower close on Monday as it consolidated some of last Friday's rally. The mid- range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bullish signaling that a low might be in or is near. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted. If March renews this year's decline, November's low crossing is the next downside target.
USD/CHF Closed higher on Monday as it consolidated some of last Friday's rally but remains below the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing would renew the rally off February's high.
USD/CAD closed lower on Monday and spiked below December's low crossing. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold but are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
USD/YEN closed higher on Monday ending a two-day short covering bounce off the retracement level of the August-January rally crossing. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a short-term high might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term high has been posted.
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