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Short Term Analysis – February 21, 2007

EURUSD

20070221_eurusd_1.gifEURUSD is in correction to the up trend, further fall to test 1.3092 previous low can be seen later today, and this level will more likely be held. Up trend will resume after this correction, and rise towards 1.3296 (the day high of Jan 2) can be expected in the next several days. Near term support is at 1.3092, only break below this level may delay the resumption of the up trend.

AUDUSD

20070221_audusd_1.gifNo change in our view, AUDUSD is in up trend, further rise towards 0.7936 (the day high of Jan 23) to reach the next cycle top on 4 hours chart can be expected in the next several days. Near term support is at 0.7845 and followed by 0.7825. Up trend will resume after a slightly correction, and a break above 0.7886 will signal the resumption of the up trend.

USDCAD

20070221_usdcad_1.gifResistance at 1.1687 is broken above, USDCAD bottomed at 1.1618 on 4 hours chart. Further rise to test the near term resistance at 1.1767 can be expected in the next several days. Near term support is at 1.1618, a break below this level will signal the resumption of the down trend.

USDJPY

20070221_usdjpy_1.gifUSDJPY bottomed at 118.96 on 4 hours chart, further rise towards 121.00 level can be expected in next several days. Near term support is at the up trend line, and the key support is at 118.96, only break below the key support may signal the resumption of the down trend.

USDCHF

20070221_usdchf_1.gifResistance at 1.2382 is broken above, USDCHF is bottoming at 1.2309 on 4 hours chart, key resistance is at 1.2405, break above this level will confirm the cycle bottom, and further rise towards 1.2450 level to reach the next cycle top can be seen.

GBPUSD

20070221_gbpusd_1.gifNo change in our view, GBPUSD is in down trend, further fall towards 1.9260 (the day low of Jan 8) can be expected in the next several days. Near term resistance is at 1.9678, only break above this level may delay the resumption of the down trend.

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