Short Term Analysis – February 12, 2007

USDCAD

20070212_usdcad_1.gifSupport at 1.1805 is broken below, USDCAD topped at 1.1874 on 4 hours chart. Further fall towards 1.1650 to reach the next cycle bottom on 4 hours chart can be expected in the next several days. Key resistance is now at 1.1874, only break above this level may signal the resumption of the up trend.

USDJPY

20070212_usdjpy_1.gifUSDJPY is testing the previous high resistance at 122.17, slightly break above this level to reach the next cycle top on 4 hours chart is still possible later today. Near term support is at the up trend line, now at 121.37, and key support is at 120.97, a break below this level will confirm the cycle top.

USDCHF

20070212_usdchf_1.gifUSDCHF broke above the resistance at 1.2517, further rise towards 1.2571 previous high is still possible later today. Near term support is at 1.2440, and key support is at 1.2378, a break below the key support will signal the resumption of the up trend.

AUDUSD

20070212_audusd_1.gifThe key support at 0.7764 is broken below, AUDUSD topped at 0.7820 on 4 hours chart. Further fall towards 0.7695 previous low to reach the next cycle bottom can be expected in the next several days. Near term resistance is at 0.7775, only break above this level may delay the resumption of the down trend.

GBPUSD

20070212_gbpusd_1.gifSupport at 1.9535 is broken below, down trend of GBPUSD resumed. Further fall towards 1.9350 is possible later today. Near term resistance is at 1.9600, only break above this level may delay the resumption of the down trend.

EURUSD

20070212_eurusd_1.gifEURUSD fell below the up trend line from 1.2911 to 1.2973, further decline towards 1.2911 previous low to reach the next cycle bottom on 4 hours chart can be expected later today. Near term resistance is at 1.3042, key resistance is at 1.3062, a break above the key resistance will signal the resumption of the up trend.