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Short Term Analysis – February 15, 2007

EURUSD

20070215_eurusd_1.gifEURUSD broke above the key resistance at 1.3062 previous high and reached 1.3149, suggesting the medium term bullish movement is underway. More sharply rise towards 1.3296 previous high can be expected in the next several days. Near term support is at 1.3020, only break below this level may signal the reversal of the up trend.

USDCAD

20070215_usdcad_1.gifAs expected, USDCAD fell below 1.1644 previous low, further fall towards 1.1600 to reach the next cycle bottom on 4 hours chart can be expected later today. Near term resistance is at the down trend line from 1.1874 to 1.1767, only break above the down trend line will drag price back to 1.1700 level.

USDCHF

20070215_usdchf_1.gifUSDCHF broke below the key support at 1.2374, suggesting the medium term bearish movement is underway. More sharply fall towards 1.2300 level can be expected later today. Near term resistance is at 1.2440, only break above this level may delay the resumption of the down trend.

USDJPY

20070215_usdjpy_1.gifUSDJPY fall below 119.94 and reach 119.78 so far, further fall towards 119.50 is still possible later today. Near term resistance is at 120.90, only break above this level may signal the reversal to the current trend.

AUDUSD

20070215_audusd_1.gifAUDUSD broke above 0.7820 previous high and reached 0.7849, further rise towards 0.7936 (the day high of Jan 23) is still possible in the next several days. Near term support is at 0.7790, only break below this level may signal the resumption of the down trend.

GBPUSD

20070215_gbpusd_1.gifGBPUSD broke above the trend line resistance and bottomed at 1.9400 on 4 hours chart. Further rise towards 1.9746 previous high to reach the next cycle top can be expected next week. Near term support is at 1.9400, only break below this level may signal the resumption of the down trend.

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