Short Term Analysis - February 27, 2007
EURUSD
EURUSD is in up trend and further rise towards 1.3300 level to reach the next cycle top on 4 hours chart is still possible in the next several days. Near term support is at 1.3150 and followed by the up trend line from 1.2939 to 1.3079, only break below the up trend line may delay the resumption of the up trend.
USDJPY
Up trend line support is broken below, USDJPY topped at 121.61 on 4 hours chart. Further fall towards 120.00 is still possible later today. Near term support is at 119.67, key support is at 118.96. The key support will more likely be held by the end of this cycle.
AUDUSD
AUDUSD broke above 0.7936 (the day high of Jan 23), the next cycle top on 4 hours chart is nearing. Near term support is at the bottom of the price channel, and key support is at 0.7873, a break below the key support will confirm the cycle top.
USDCAD
No changed in our view, USDCAD 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
USDCHF is in down trend, the fall from 1.2436 extended to as low as 1.2278, more sharply decline towards 1.2100 can be expected in the next several days. Near term resistance is at 1.2436, only break above this level may signal the reversal to the down trend.
GBPUSD
No changed in our view, GBPUSD is in correction to the down trend, further rise above 1.9678 to reach the next cycle top on 4 hours chart is still possible in the next several days. Near term support is at 1.9460, a break below this level may signal the resumption of the down trend.
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