Short Term Analysis - December 29, 2006
EURUSD
EURUSD is forming a triangle pattern on 4 hours chart and traded in a narrow range between 1.3088 and 1.3199. Key resistance is now at 1.3199, a break above this level may signal the resumption of the up trend. Near term support is at the up trend line from 1.3051 to 1.3088, break below 1.3088 would indicate lengthier consolidation is underway, and further fall below 1.3051 previous low can be expected.
USDCHF
Being contained by the trend line support from 1.1983 and 1.2115, USDCHF falls from 1.2267 and reach 1.2164 only. Further rise above 1.2267 to reach the next cycle top on 4 hours chart would more likely be seen in the next several days. Near term support is at 1.2164 and key support is at 1.2115, only break below the key support may signal the resumption of the down trend.
USDCAD
USDCAD is in up trend, the fall from 1.1634 is treated as in correction of the up trend. Further rise above 1.1634 towards 1.1700 is still possible next week. Near term support is at 1.1576, only break below this level may delay the resumption of the up trend.
GBPUSD
GBPUSD is forming a triangle pattern on 4 hours chart and traded in a narrow range between 1.9512 and 1.9675. Key resistance is now at 1.9675, a break above this level may signal the resumption of the up trend. Near term support is at the up trend line from 1.9433 to 1.9512, break below 1.9512 would indicate lengthier consolidation is underway, and further fall below 1.9433 previous low can be expected.
AUDUSD
Key resistance at 0.7876 is broken above, AUDUSD is now in up trend, and further rise above 0.7929 previous high can be expected next week. Near term support is at the up trend line, as long as the trend line support holds, up trend will continue.
USDJPY
USDJPY traded in a narrow range between 118.26 and 119.21. Further rise above 119.21 previous high is still possible later today. On the other side, the pair may be topping at 119.21 on 4 hours chart, and a break below the key support at 118.26 may confirm such case.
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