Short Term Analysis – January 08, 2007

USDCAD

20070108_usdcad_1.gifUSDCAD is topping at 1.1786 on 4 hours chart, further fall towards the up trend line is possible later today, and a slightly correction will be formed before the resumption of the up trend. Near term support is at the up trend line from 1.1429 to 1.1578, now at 1.1700.

EURUSD

20070108_eurusd_1.gifEURUSD fell below previous low support at 1.3051 last week, further decline towards 1.2950 to reach the next cycle bottom is still possible later today. Near term resistance is at the down trend line, and followed by 1.3104, a break above 1.3104 may signal the reversal to the down trend.

USDCHF

20070108_usdchf_1.gifUSDCHF is in up trend, further rise towards 1.2450 to reach the next cycle top is still possible later today. Near term support is at the up trend line, and followed by 1.2271, a break below 1.2271 may signal the reversal to the up trend.

GBPUSD

20070108_gbpusd_1.gifGBPUSD is in down trend, further fall towards 1.9200 area to reach the next cycle bottom is still possible later today. Near term resistance is at the down trend line, and followed by 1.9432, a break above 1.9432 may signal the reversal to the down trend.

USDJPY

20070108_usdjpy_1.gifKey support at 118.50 is broken below, USDJPY topped at 119.67 on 4 hours chart, and further fall towards 117.50 is possible after a consolidation. Key resistance is at 119.67, only break above this level may signal the resumption of the up trend.

AUDUSD

20070108_audusd_1.gifAUDUSD is in down trend, further fall below 0.7779 previous low to teach the next cycle bottom on 4 hours chart is still possible later today. Near term resistance is at the down trend line, break above the trend line resistance may signal the beginning of the correction to the down trend.