Short Term Analysis - February 28, 2007
USDCAD
The down trend line resistance is broken above, USDCAD bottomed at 1.1563 on 4 hours chart. Further rise above 1.1714 previous high to reach the next cycle top can be seen in the next several days. Near term support is at 1.1563, a break below this level may signal the resumption of the down trend.
EURUSD
Up trend of EURUSD from 1.2865 extended to as high as 1.3258, more sharply rise above 1.3296 previous high to reach the next cycle top on 4 hours chart can be expected later today. Near term support is at the up trend line from 1.2939 to 1.3079, only break below the trend line support will signal the reversal to the up trend.
USDJPY
The key support at 118.96 is broken below, USDJPY is now in down trend, more sharply fall towards 116.50 can be seen after a slightly correction. Near term resistance is at 118.96, and the key resistance is at 121.61 level.
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 now at 1.9590, a break below this level will signal the resumption of the down trend.
AUDUSD
The price channel support is broken below, down trend of AUDUSD resumes. Further fall towards 0.7707 previous low can be expected after a slightly correction. Key resistance is at 0.7944, only break above this level may signal the resumption of the up trend.
USDCHF
USDCHF is in down trend, the fall from 1.2436 extended to as low as 1.2142, more sharply decline towards 1.2100 can be expected in the next several days. Near term resistance is at 1.2309, only break above this level may signal the reversal to the down trend.
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