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Short Term Analysis – March 8, 2007

USDCHF

20070308_usdchf_1.gifUSDCHF is bottoming at 1.2107, key resistance is at 1.2254, a break above this level will confirm the cycle bottom. The rise from 1.2107 is treated as in correction to the down trend, and further rise towards 1.2300 to reach the next cycle top on 4 hours chart will more likely be seen before breaking below 1.2107 level.

USDCAD

20070308_usdcad_1.gifUSDCAD is topping at 1.1824 on 4 hours chart, key support is at 1.1728, a break below this level will confirm the cycle top and further fall towards 1.1650 can be expected in the next several days. Near term resistance is at 1.1824, only break above 1.1824 level may signal the resumption of the up trend.

USDJPY

20070308_usdjpy_1.gifUSDJPY bottomed at 115.13 and further rise towards 117.50 to reach the next cycle top is still possible in the next several days. Near term support is at 115.13, only break below this level may signal the resumption of the down trend.

GBPUSD

20070308_gbpusd_1.gifGBPUSD bottomed at 1.9183 on 4 hours chart. Further rise towards 1.9400 level is still possible after a slightly consolidation. Near term support is at 1.9183, only break below this level may signal the resumption of the down trend.

EURUSD

20070308_eurusd_1.gifEURUSD bottomed at 1.3070 on 4 hours chart. The rise from 1.3070 extended to as high as 1.3185, further rally towards 1.3258 previous high can be seen in the next several days. Near term support is at 1.3070, only break below this level may signal the resumption of the down trend.

AUDUSD

20070308_audusd_1.gifAUDUSD bottomed at 0.7680 on 4 hours chart, further rise towards 0.7850 level to reach the next cycle top on 4 hours chart can be expected in the next several days. Near term support is at 0.7680, only break below this level may signal the resumption of the down trend.

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