GBP/USD posted an inside day with a lower on Wednesday as it extends its decline against the dollar. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted. If it renews this year's decline, monthly support crossing is the next downside target.
EUR/USD closed higher due to short covering on Wednesday as it consolidated some of this month's decline. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing would temper the near-term bullish outlook.
USD/CHF closed higher due to short covering on Wednesday as it consolidated some of this month's decline. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing would temper the near-term bullish outlook.
USD/JPY posted a key reversal and closed higher due to short covering on Wednesday as it consolidated some of this month's decline. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing would temper the near-term bullish outlook.
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