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Short Term Analysis – December 22, 2006

EURUSD

20061222_eurusd_1.gifEURUSD is forming a sideways consolidation in a range between 1.3051 and 1.3364. Key resistance is now at 1.3244, further rise towards 1.3364 can be expected after breaking above the key resistance. Near term support is at 1.3140, key support is at 1.3051, and the key support would be held until the end of the consolidation.

USDCAD

20061222_usdcad_1.gifUSDCAD bottomed at 1.1429 on 4 hours chart, further rise above 1.1587 previous high can be expected in the next several days. Key support is at 1.1429, only break below this level may signal the reversal to the up trend.

GBPUSD

20061222_gbpusd_1.gifGBPUSD is forming a sideways consolidation in a range between 1.9433 and 1.9846. Key resistance is at 1.9747, a break above this level may signal the resumption of the up trend. Near term support is at 1.9557, key support is at 1.9433, and the key support would be held until the end of the consolidation.

USDCHF

20061222_usdchf_1.gifUSDCHF has topped at 1.2268 on 4 hours chart, further fall towards 1.1983 can be expected, and a break below 1.2111 previous low may confirm such case. Near term resistance is at 1.2203, key resistance is at 1.2268, only break above the key resistance may signal the resumption of the up trend.

AUDUSD

20061222_audusd_1.gifAUDUSD bottomed at 0.7779 on 4 hours chart and further rise above 0.7876 previous high is still possible later today. Key support is at 0.7779, only break below this level may signal the resumption of the down trend.

USDJPY

20061222_usdjpy_1.gifUSDJPY is testing the previous high resistance at 118.58, if gives way, further rise towards 119.00 is possible. Key support is now at 117.81, a break below this level may signal the reversal to the up trend.

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