Short Term Analysis – January 05, 2007

EURUSD

20070105_eurusd_1.gifEURUSD fell below 1.3088 previous low support, further decline towards 1.3051 (the day low of Dec 18) is possible later today, and a slightly break below this level to form another cycle bottom can be expected next week. Near term resistance is at 1.3180, key resistance is at 1.3296, only break above the key resistance may signal the reversal to the down trend.

USDCHF

20070105_usdchf_1.gifUSDCHF rebounded from 1.2111 and reach 1.2332 high, further rise towards 1.2400 area is still possible later today. Near term support is at 1.2240, key support is at 1.2111, only break below the key support may signal the reversal to the up trend.

USDCAD

20070105_usdcad_1.gifNo change in our view, USDCAD is in up trend and further rally towards 1.1800 level is still possible next week. Near term support is at 1.1715 and followed by the up trend line from 1.1429 to 1.1578, now at 1.1673 level, key support is at 1.1637, only break below this level may signal the reversal to the up trend.

GBPUSD

20070105_gbpusd_1.gifGBPUSD fell below 1.9433 previous low support and reach 1.9396 low. Further fall towards 1.9350 level is still possible later today. Near term support is at 1.9530, and as long as this resistant holds, down trend will continue.

AUDUSD

20070105_audusd_1.gifKey support at 0.7850 is broken below, AUDUSD topped at 0.7977 on 4 hours chart and daily chart. Further fall towards 0.7779 previous low is possible next week. Near term support is at 0.7805. Near term resistance is at 0.7865, key resistance is at 0.7977, only break above the key resistance may signal the resumption of the up trend.

USDJPY

20070105_usdjpy_1.gifUSDJPY fail to test the previous high resistance at 119.86 and pulled back from 119.67. Further fall to test the key support at 118.50 is possible later today, a break below this level may label the cycle top at 119.67 and further decline towards 118.00 can be expected next week. Near term resistance is at 119.67, only break above this level may signal the resumption of the up trend.