Short Term Analysis - January 18, 2007
AUDUSD
Previous high resistance at 0.7858 is broken above, AUDUSD will rise towards the top of the price channel to reach the next cycle top on 4 hours chart later today. Near term support is at the bottom of the price channel, now at 0.7821, only break below this level may signal the resumption of the down trend.
GBPUSD
GBPUSD is testing the previous high resistance at 1.9750, a sideways consolidation is needed before breaking above this level, and pullback towards the bottom of the price channel can be expected later today.
EURUSD
No change in our view, EURUSD is bottoming at 1.2865 on 4 hours chart, key resistance is at 1.2988, and a break above this level may confirm the cycle bottom. Near term support is at 1.2896, only fall below this level may signal the resumption of the down trend.
USDCAD
USDCAD is in down trend, the rise from 1.1644 is treated as in correction to the down trend, and further fall below 1.1644 can be expected in the next several days. Near term resistance is at 1.1772, only break above this level may signal the resumption of the up trend.
USDCHF
USDCHF topped at 1.2528 on 4 hours chart, further fall towards 1.2350 can be expected in the next several days. Near term resistance is at 1.2513, only break above this level may signal the resumption of the up trend.
USDJPY
USDJPY may be topping at 120.85 on 4 hours chart, key support is at 120.04, a break below this level may confirm the cycle top. Near term resistance is at 120.85, only break above this level may signal the resumption of the up trend.
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