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Short Term Analysis – December 14, 2006

GBPUSD

20061214_gbpusd_1.gifGBPUSD is bottoming at 1.9463 on 4 hours chart, key resistance is at 1.9728, a break above this level may confirm the cycle bottom, and further rise towards 1.9846 previous high is still possible in next several days.

USDJPY

20061214_usdjpy_1.gifUSDJPY broke above 117.24 resistance, and further rise towards 118.00 is still possible later today. On the other side, the cycle top on daily chart is nearing. We are waiting for the reversal to the current trend, and a break below the key support at 116.64 can confirm such case.

USDCAD

20061214_usdcad_1.gifUSDCAD is in up trend, further rise towards to top of the price channel can be expected in the next several days. Near term support is at the up trend line from 1.1285 to 1.1444, and as long as the trend line support holds, up trend will continue.

USDCHF

20061214_usdchf_1.gifUSDCHF is topping at 1.2097 on 4 hours chart, key support is now at 1.1983, a break below this level may confirm the cycle top. On the other side, the pair is testing the near term resistance at 1.2097, a break above this level may delay the resumption of the down trend.

AUDUSD

20061214_audusd_1.gifAUDUSD is bottoming at 0.7812 on 4 hours chart, key resistance is now at 0.7892, and a break above this level may confirm the cycle bottom, and further rise towards 0.7929 previous high is possible in the next several days.

EURUSD

20061214_eurusd_1.gifEURUSD is bottoming at 1.3129 on 4 hours chart, key resistance is now at 1.3291, and a break above this level may confirm the cycle bottom, and further rise towards 1.3364 previous high is possible in the next several days.

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