EUR/USD closed higher on Thursday while extending the trading range of the past five weeks. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 138.340 are needed to confirm that a short-term low has been posted. If it resumes this winter's decline, the 75% retracement level of the 2008-2009-rally crossing is the next downside target.

USD/JPY closed higher on Thursday as it extends the rally off last week's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off last week's low, the January-February downtrend line crossing near is the next upside target. Closes below the 10-day moving average crossing would signal that a long-term high has been posted.

GBP/USD closed higher due to short covering on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it resumes the decline off January's high, the 75% retracement level of 2009's rally crossing is the next downside target.

USD/CHF closed lower on Thursday and the low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bearish hinting that a long-term high might be in or is near. Closes below the reaction low crossing are needed to confirm that a long-term high has been posted. If it resumes the rally off November's low, the 62% retracement level of the 2008-2009-decline crossing is the next upside target.