Short Term Analysis - December 18, 2006
USDJPY
USDJPY is in up trend and further rise towards 118.58 precious high to reach the next cycle top on 4 hours chart is still possible later today. The next cycle top is nearing. Key support is at 117.43, a break below this level may confirm the cycle top.
USDCAD
USDCAD is in up trend and further rise towards 1.1600 to reach the next cycle top on 4 hours chart is still possible later today. Key support is now at 1.1496, a break below this level may signal the reversal to the up trend.
GBPUSD
GBPUSD is bottoming at 1.9463 on 4 hours chart, key resistance is at 1.9728, and a break above this level may confirm the cycle bottom. Near term support is at 1.9463, only break below this level may delay the resumption of the up trend.
USDCHF
USDCHF is in up trend, and further rise towards 1.2300 level is still possible in the next several days. Near term support is at the up trend line from 1.2026 to 1.2115, and as long as this trend line resistance holds, up trend would continue.
EURUSD
Previous low support at 1.3129 is broken below, EURUSD is in down trend, and further fall towards 1.3100 is possible in the next several days. Near term resistance is at the down trend line from 1.3252 to 1.3186, and as long as this trend line resistance holds, down trend would continue.
AUDUSD
Previous low support at 0.7812 is broken below, AUDUSD is now in down trend, further fall towards 0.7770 level is possible later today. Near term resistance is at the down trend line, as long as the trend line resistance holds, down trend would continue.
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