Short Term Analysis - May 24, 2007

USDCHF
As expected, USDCHF pulled back from 1.2331 and reached as low as 1.2239, further fall towards the up trend line from 1.2004 to 1.2125 to reach the next cycle bottom on 4 hours chart is still possible later today. However, the fall from 1.2331 is treated as consolidation to the up trend, and the next cycle bottom is nearing, the pair can bottom at 1.2239 level, a break above the key resistance at 1.2331 will signal the resumption of the up trend.

AUDUSD
AUDUSD broke above the previous high resistance at 0.8257 and bottomed at 0.8181 on 4 hours chart. Further rise towards 0.8300 level to reach the next cycle top on 4 hours chart can be expected. Key support is at 0.8181, a break below this level will signal the resumption of the down trend.

GBPUSD
GBPUSD broke above the previous high resistance at 1.9873, further rise towards 1.9999 to reach the next cycle top on 4 hours chart can be seen in the next several days. The rise from 1.9676 is treated as correction to the down trend, and fall below 1.9676 after correction is still in favor.

USDCAD
USDCAD’s down trend extended to as low as 1.0812. Sideways consolidation to the down trend will more likely be seen in a couple of days, pullback towards the down trend line is possible, and down trend will resume after testing the trend line resistance.

USDJPY
No changed in our view, USDJPY is in up trend. The rise from 119.46 extended to as high as 121.87. Further rally towards 122.18 (Jan 29 high) can still be expected later today. Near term support is at 121.20, and as long as this support holds, up trend will continue.

EURUSD
EURUSD is in down trend. The fall from 1.3681 extended to as low as 1.3415, further fall towards 1.3350 is still possible in a couple of days. Near term resistance is at 1.3525, and as long as this resistance holds, down trend will continue.

Read More

Short Term Analysis - May 23, 2007

USDCHF
USDCHF is topping at 1.2331 on 4 hours chart. Further fall towards 1.2250 to reach the next cycle bottom can be expected in a couple of days. However, the fall from 1.2331 is treated as consolidation to the up trend, and rise towards 1.2500 is still possible after consolidation.

EURUSD
No changed in our view, EURUSD is in down trend. Further fall towards 1.3350 can be seen in a couple of days. Near term resistance is at the down trend line from 1.3609 to 1.3525, and followed by 1.3525 level, as long as 1.3525 resistance holds, down trend will continue.

GBPUSD
GBPUSD broke above the down trend line resistance, sideways consolidation will more likely be seen in a couple of days. Near term support is at 1.9676, a break below this level will signal the resumption of the down trend.

AUDUSD
AUDUSD is bottoming at 1.8181 on 4 hours chart. Rise towards 0.8300 level to reach the next cycle top on 4 hours chart can be expected. Near term support is at 0.8181, only break below this level will signal the resumption of the down trend and fall towards 0.8100 can be seen.

USDCAD
No changed in our view. USDCAD is in down trend. Further fall towards 1.0800 is still possible in the next several days. Near term resistance is at the down trend line, now at 1.0945, and as long as the trend line resistance holds, down trend will continue.

USDJPY
USDJPY is in up trend. The rise from 119.46 extended to as high as 121.71 so far. Further rally towards 122.18 (Jan 29 high) can still be expected later today. Near term support is at the up trend line from 119.46 to 120.68, as long as the trend line support holds, up trend will continue.

Read More

Short Term Analysis - May 22, 2007

USDCHF
USDCHF broke above the previous high resistance at 1.2282 and reached as high as 1.2331. Sideways consolidation will more likely be seen in a couple of days and pullback towards 1.2250 can be expected. Near term resistance is at 1.2331, a break above this level will signal the resumption to the up trend, and rise above 1.2354 (March 9 high) can be seen.

EURUSD
EURUSD broke below the previous low support at 1.3461 and down trend resumed. Further fall towards 1.3350 can be seen in a couple of days. Near term resistance is at 1.3525, and as long as this resistance holds, down trend will continue.

GBPUSD
No changed in our view, GBPUSD is in down trend. The fall from 2.0132 extended to 1.9676. Further fall towards 1.9600 is still possible later today. Near term resistance is at the down trend line from 1.9999 to 1.9873, and as long as the trend line resistance holds, down trend will continue.

AUDUSD
AUDUSD is in sideways consolidation in a range between 0.8170 and 0.8392 (Apr high), the path will be unpredictable in the range. Rise towards 0.8351 will more likely be seen, and a break above 0.8257 will confirm such case.

USDCAD
USDCAD is in down trend, the fall from 1.1167 extended to as low as 1.0822. Further fall towards 1.0800 is still possible in the next several days. Near term resistance is at the down trend line, and as long as the trend line resistance holds, down trend will continue.

USDJPY
USDJPY is in up trend. The rise from 119.46 extended to as high as 121.62, further rally towards 122.18 (Jan 29 high) can still be expected later today. Near term support is at the up trend line from 119.46 to 120.68, a break below the trend line support will suggest a short top, and slightly correction can be seen.

Read More

Short Term Analysis - May 21, 2007

USDCHF
As expected, USDCHF broke above 1.2282 previous high resistance, slightly correction will more likely be seen, and pullback towards 1.2230 can be expected in a couple of days. Key support is at the bottom of the price channel, only break below the channel support will signal the reversal to the up trend.

EURUSD
EURUSD is in down trend. The fall from 1.3609 extended to 1.3464, 3 points higher than the previous low at 1.3461. More sharply fall towards 1.3350 is still in favor, and a break below 1.3464 level will signal the resumption of the down trend. Near term resistance is at 1.3609, only break above this level will delay the resumption of the down trend.

GBPUSD
GBPUSD is in down trend. The fall from 2.0132 extended to 1.9700. Further fall towards 1.9600 is still possible later today. Near term resistance is at 1.9780 and followed by the down trend line from 2.0073 to 1.9999, only break above the trend line resistance will signal the reversal to the down trend.

AUDUSD
AUDUSD is in sideways consolidation in a range between 0.8170 and 0.8392 (Apr high), the path will be unpredictable in the range. Rise towards 0.8351 will more likely be seen, and a break above 0.8260 will confirm such case.

USDCAD
As expected, USDCAD broke below 1.0930 (2006 low). More sharply fall towards 1.0800 is still possible in the next several days. Near term resistance is at the down trend line, and as long as the trend line resistance holds, down trend will continue.

USDJPY
USDJPY is in up trend. The rise from 119.46 extended to as high as 121.39. as long as the up trend line from 117.59 to 119.46 support holds, the pullback from 121.39 is treated as consolidation to the up trend, and further rise towards 122.18 (Jan 29 high) can be seen.

Read More

Short Term Analysis - May 18, 2007

EURUSD
EURUSD is in down trend. Further fall towards 1.3350 can be seen, and a break below 1.3461 previous low will confirm such case. Near term resistance is at 1.3609, only break above this level will delay the resumption of the down trend.

GBPUSD
GBPUSD broke below previous low support at 1.9746. Further fall towards 1.9600 area can be expected in the next several days. Near term resistance is at 1.9810 and followed by the down trend line from 2.0073 to 1.9999.

AUDUSD
AUDUSD broke below 0.8229 previous low. Further fall towards 0.8170 to reach the next cycle bottom on 4 hours chart is still possible later today. Near term resistance is at 0.8270. Near term support is at 0.8170 followed by 0.8120 level.

USDJPY
USDJPY is in up trend and the rise from 119.46 extended to as high as 121.36 so far, further rally towards 122.18 previous high can be expected. Near term support is at 120.65 and followed by the up trend line from 117.59 to 119.46, and as long as the trend line support holds, up trend will continue.

USDCHF
USDCHF is testing the previous high resistance at 1.2282, rise about this level to reach the next cycle top on 4 hours chart is still possible later today. The next cycle top is nearing, and slightly correction can be expected after breaking above 1.2282 level.

USDCAD
USDCAD is in down trend. Further fall towards 1.0930 (2006 low) is still in favor, and a break below 1.0963 will confirm such case. Near term resistance is at 1.1062, only break above this level will delay the resumption of the down trend.

Read More

Short Term Analysis - April 30, 2007

GBPUSD
The fall from 2.0132 was limited by the up trend line from 1.9212 to 1.9590, GBPUSD rebounded from 1.9864. Further rise towards 2.0132 previous high is still possible in the next several days, and a break above the key resistance at 2.0061 will confirm such case. Key support is at 1.9864, only break below this level will delay the resumption of the up trend.

USDJPY
USDJPY is in up trend, further rise towards 121.00 to reach the next cycle top on 4 hours chart can be expected in the next several days. Key support is at 118.88, only break below this level will delay the resumption of the up trend.

USDCAD
USDCAD broke below 1.1133 previous low, further fall towards 1.1100 is still possible in the next several days. Key resistance is now at 1.1227, only break above this level will signal the reversal to the down trend.

AUDUSD
AUDUSD is in correction to the medium term up trend. Further fall towards 0.8150 will more likely be seen later today. Near term resistance is at 0.8358, and key resistance is at 0.8392, only break above the key resistance will signal the resumption of the up trend.

USDCHF
USDCHF is in consolidation to the down trend, further fall towards 1.1900 to reach the next cycle bottom on 4 hours chart can be expected after breaking below 1.1993 level. Key resistance is at 1.2126, only break above this level will signal the reversal to the down trend.

EURUSD
EURUSD broke above the long term resistance at 1.3668 (2004 high) and reached as high as 1.3681, further rise towards 1.3750 can be expected in a couple of days. Near term support is at 1.3584, only break below this level will delay the resumption of the up trend.

Read More

Short Term Analysis - April 27, 2007

AUDUSD
AUDUSD is in correction to the medium term up trend. The rise from 1.8233 was limited by the up trend line from 0.7680 to 0.8063 and pulled back from 0.8358 level. Further fall towards 0.8200 is still possible in the next several days. Key resistance is at 0.8392, only break above this level will signal the resumption of the up trend.

USDJPY
As expected, USDJPY broke above 119.03 and reached as high as 119.74 so far. Further rise above 119.86 previous high to reach the next cycle top on 4 hours chart is still possible later today. Key support is at 118.22, only break below this level will signal the reversal to the up trend.

USDCAD
USDCAD broke above the down trend line from 1.1394 to 1.1338, and is bottoming at 1.1133 on 4 hours chart, key resistance is at 1.1246, a break above this level will confirm the cycle bottom. Near term support is at 1.1133, only break below this level will signal the resumption of the down trend.

USDCHF
USDCHF rebounded from 1.1993 and reached as high as 1.2098. Further rise towards 1.2126 is still possible later today, a break above this level will signal the reversal to the down trend. Near term support is at 1.1993, only break below this level will signal the resumption of the down trend.

GBPUSD
No changed in our view, GBPUSD topped at 2.0132 on 4 hours chart. Consolidation of the up trend can be expected in the next several days. The price will find support at the up trend line from 1.9212 to 1.9590. Key resistance is at 2.0132, a break above this level will signal the resumption of the up trend.

EURUSD
EURUSD failed to test the long term resistance at 1.3668 (2004 high), and fall below the price channel support. Further decline towards 1.3540 previous low is still possible later today, a break below this level will signal the reversal to the up trend.

Read More

Short Term Analysis - April 26, 2007

USDCAD
USDCAD is in down trend. The fall from 1.1825 extended to as low as 1.1133, further decline towards 1.1100 is still possible in a couple of days. Near term resistance is at the down trend line from 1.1394 to 1.1338, now at 1.1231, a break above the trend line resistance will signal the reversal to the down trend.

USDJPY
USDJPY moved without trend in a narrow range between 118.22 and 119.03 for 4 days. Further rise towards 119.86 previous high to reach the next cycle top on 4 hours chart is still in favor, and a break above 119.03 will confirm such case. Near term support is at 118.22, and key support is at 117.59, only break below the key support will signal the reversal to the up trend and fall towards 115.15 (March low) can be seen.

USDCHF
USDCHF broke below 1.2001 previous low. The fall from 1.2282 extended to as low as 1.1993, further fall towards 1.1950 is still possible in a couple of days. Key resistance is at 1.2126, only break above this level will signal the reversal to the down trend.

AUDUSD
AUDUSD broke below the medium term up trend line (from 0.7680 to 0.8063) support, sideways consolidation will more likely be seen in the next several days. Key resistance is at 0.8392, a break above this level will signal the resumption of the up trend.

GBPUSD
No changed in our view, GBPUSD topped at 2.0132 on 4 hours chart. Consolidation of the up trend can be expected in the next several days. The price will find support at the up trend line from 1.9212 to 1.9590. Key resistance is at 2.0132, a break above this level will signal the resumption of the up trend.

EURUSD
EURUSD broke above 1.3636 previous high and further rise above the long term resistance at 1.3664 (2004 high) is still possible in a couple of days. Near term support is at the price channel, and as long as the channel support holds, up trend will continue.

Read More

Short Term Analysis - April 25, 2007

USDJPY
USDJPY traded in a narrow range between 118.22 and 119.03 for 3 days. Further rise towards 119.86 previous high to reach the next cycle top on 4 hours chart can still be expected in the next several days, and a break above 119.03 will confirm such case. Key support is at 117.59, only break below this level will signal the reversal to the up trend and fall towards 115.15 (March low) can be seen.

USDCHF
USDCHF topped at 1.2126 on 4 hours chart. The fall from 1.2126 extended to as low as 1.2006, a break below 1.2001 previous low will signal the resumption of the down trend, and further fall towards 1.1950 can be seen.

AUDUSD
AUDUSD broke below the up trend line from 0.7680 to 0.8063, consolidation of the up trend can be expected in the next several days. Key resistance is at 0.8392, a break above this level will signal the resumption of the up trend.

USDCAD
No changed in our view, USDCAD is in down trend, and further fall towards 1.1100 is still possible in the next several days. Near term resistance is at the down trend line from 1.1394 to 1.1338, now at 1.1270, a break above the trend line resistance will signal the reversal to the down trend.

GBPUSD
GBPUSD topped at 2.0132 on 4 hours chart. Consolidation of the up trend can be expected in the next several days. The price will find support at the up trend line from 1.9212 to 1.9590. Key resistance is at 2.0132, a break above this level will signal the resumption of the up trend.

EURUSD
EURUSD break above 1.3636 previous high and is testing the long term resistance at 1.3664 (2004 high), a break above this level will signal the resumption of the up trend and further rise towards 1.3750 can be seen.

Read More