Short Term Analysis

EURUSD

EURUSD traded in a narrow range between 1.2895 and 1.2998. Break above 1.2998 indicate the medium term up trend is underway. Near term support is at 1.2895, and followed by 1.2865, only break below the key support may signal the resumption of the down trend.

GBPUSD

Resistance at 1.9777 is broken above, GBPUSD is now in up trend, more sharply rise towards 1.8946 (the day high of Dec 1, 2006) is possible later today. Near term support is at the bottom of the price channel and followed by 1.9635, only break below 1.9635 may signal the reversal to the up trend.

AUDUSD

AUDUSD is topping at 0.7905 on 4 hours chart, key support is at 0.7861, a break below this level may confirm the cycle top, and further fall towards 0.7835 can be expected. Near term resistance is at 0.7905, break above this level indicate medium term up trend is underway and further rise above 0.7977 previous high can be expected in the next several days.

USDCAD

Resistance at 1.1772 is broken above, USDCAD is now in up trend, and more sharply rise towards 1.1900 can be expected later today. Near term support is at 1.1697, only break below this level may signal the reversal to the up trend.

USDCHF

USDCHF is topping at 1.2546 on 4 hours chart, fall below the key support at 1.2449 level may confirm the cycle top, and further decline towards 1.2350 can be expected in the next several days. Near term resistance is at 1.2546, break above this level may signal the resumption of the up trend.

USDJPY

USDJPY is in up trend, and further rally towards 122.00 level is still possible later today. Near term support is at the up trend line and followed by 121.08, only break below 121.08 may signal the reversal to the up trend.