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Short Term Analysis – February 22, 2007

EURUSD

20070222_eurusd_1.gifEURUSD moves without trend in a narrow range between 1.3092 and 1.3187 for several days. Further rise towards 1.3296 (the day high of Jan 2) can be expected later this week. A break above 1.3187 will signal the resumption of the up trend. Near term support is at 1.3110 and followed by 1.3092, as long as 1.3092 level holds, up trend will continue.

USDJPY

20070222_usdjpy_1.gifUSDJPY bottomed at 118.96, and is now in up trend. More sharply rise towards 122.17 previous high to reach the next cycle top on 4 hours chart is still possible in next several days. Near term support is at the up trend line from 118.96 to 119.67, and followed by 119.67, only break below 119.67 may signal the reversal to the up trend.

AUDUSD

20070222_audusd_1.gifAs expected, AUDUSD broke above 0.7886 previous high and further rises to test 0.7936 (the day high of Jan 23) is still possible later today. Key support is at 0.7845, break below this level may signal the resumption of the down trend.

USDCAD

20070222_usdcad_1.gifSupport at 1.1618 is broken below, down trend of USDCAD resumes. Further fall towards 1.1450 level can be expected in next several days. Near term resistance is at 1.1714, as long as this level holds, down trend will continue.

USDCHF

20070222_usdchf_1.gifKey resistance at 1.2405 is broken above, USDCHF bottomed at 1.2309 on 4 hours chart. The current rise is treated as in correction to the down tend. 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 1.2309, a break below this level will signal the resumption of the down trend.

GBPUSD

20070222_gbpusd_1.gifNo change in our view, GBPUSD is in down trend, further fall below 1.9400 previous low to reach the next cycle bottom on 4 hours chart is possible in 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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