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Short Term Analysis – February 23, 2007

EURUSD

20070223_eurusd_1.gifEURUSD broke below 1.3092 support and rebounded from 1.3079. The pair may be bottoming on 4 hours chart, key resistance is at 1.3187, a break above this level will confirm the cycle bottom. Near term support is at 1.3079, only fall below this level may delay the resumption of the up trend.

USDJPY

20070223_usdjpy_1.gifUSDJPY is in up trend, further rise towards 122.05 previous high to reach the next cycle top on 4 hours chart is still possible later today. 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

20070223_audusd_1.gifAUDUSD is testing the bottom of the price channel, break below the channel support implies that the pair is topping at 0.7919 on 4 hours chart. Further fall below 0.7845 will confirm the cycle top. If the channel support holds, further rise towards 0.7936 previous high is still possible.

USDCAD

20070223_usdcad_1.gifUSDCAD is in down trend, further fall towards 1.1450 level can be expected in next several days. Near term resistance is at the down trend line and followed by 1.1714, as long as the trend line resistance holds, down trend will continue.

USDCHF

20070223_usdchf_1.gifUSDCHF is testing the up trend line support, break below the trend line support implies that the pair is topping at 1.2436 on 4 hours chart. Key support is at 1.2309, the cycle top will be confirmed by breaking below 1.2309 level.

GBPUSD

20070223_gbpusd_1.gifGBPUSD is forming a sideways consolidation in a range between 1.9400 and 1.9678. Further fall below 1.9400 to reach the next cycle bottom on 4 hours chart is still possible. Near term support is at 1.9460, a break below this level may signal the resumption of the down trend.

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