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Short Term Analysis – March 9, 2007

USDCHF

20070309_usdchf_1.gifKey resistance at 1.2254 is broken above, USDCHF bottomed at 1.2107 on 4 hours chart. Further rise towards 1.2350 is still possible later today. On the other side, the next cycle top is nearing, key support is at 1.2157, and a break below this level will signal the resumption of the down trend

USDCAD

20070309_usdcad_1.gifNo changed in our view, USDCAD 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.

EURUSD

20070309_eurusd_1.gifEURUSD is in up trend, the fall from 1.3185 is treated as in correction to the up trend. Further rise towards 1.3258 previous high is still possible in the next several days, and a break above 1.3185 will confirm such case. Near term support is at 1.3070, only break below this level may signal the resumption of the down trend.

GBPUSD

20070309_gbpusd_1.gifNo changed in our view, GBPUSD 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.

USDJPY

20070309_usdjpy_1.gifUSDJPY is in correction to the down trend. The rise from 115.13 extended to as high as 117.48 and further rise towards 117.80 is still possible later today. On the other side, the next cycle top is nearing, key support is now at 115.54, and a break below this level will signal the resumption of the down trend.

AUDUSD

20070309_audusd_1.gifNo change in our view, AUDUSD 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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