EUR/USD closed higher on Wednesday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off August's low, the 75% retracement level of the 2008-decline crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that an important top has been posted.
USD/JPY closed higher on Wednesday but remains below the 75% retracement level of the 2008-2009-decline crossing. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
GBP/USD posted an inside day with a lower close on Wednesday. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing would temper the near-term bullish outlook in the market. If it renews this month's rally, August's high crossing is the next upside target.
USD/CHF closed higher on Wednesday and above the 87% retracement level of the 2008-2009-decline crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this summer's rally, the 2008 high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
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