Short Term Analysis - December 15, 2006
USDJPY
USDJPY is moving higher to reach the next cycle top on 4 hours chart, and the cycle top would be coming soon. Near term support is at the up trend line, and key support is at 116.64, only break below this level may signal the reversal to the up trend.
GBPUSD
No change in our view, GBPUSD 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.
USDCAD
No change in our view, USDCAD is in up trend, further rise towards to top of the price channel can be expected in 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.
EURUSD
EURUSD is testing the support at 1.3129, if gives way, further fall towards 1.3100 level is possible later today. Key resistance is at 1.3291, only break above this level may signal the resumption of the up trend.
USDCHF
USDCHF broke above 1.2115 previous high resistance, further rise towards 1.2200 level is still possible later today. Near term support is at 1.2025 and key support is at 1.1983, only break below this level may signal the resumption of the down trend.
AUDUSD
AUDUSD is testing the support at 0.7812, if gives way, further fall towards 0.7750 level is possible. Key resistance is at 0.7892, only break above this level may signal the resumption of the up trend.
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