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Short Term Analysis – March 13, 2007

USDCHF

20070313_usdchf_1.gifBeing contained by the price channel resistance, USDCHF pulled back from 1.2354 and broke below the key support at 1.2252. The pair topped at 1.2354 on 4 hours chart and further fall towards 1.2108 previous low can be expected in the next several days. Key resistance is at 1.2354, only break above this level may signal the resumption of the up trend.

USDCAD

20070313_usdcad_1.gifNo changed in our view, USDCAD topped at 1.1825 on 4 hours chart. Further fall towards 1.1650 can be expected later today. Key resistance is at 1.1825, only break above this level may signal the resumption of the up trend.

EURUSD

20070313_eurusd_1.gifAs expected, EURUSD broke above 1.3185. Further rise towards 1.3259 to reach the next cycle top on 4 hours chart is still possible later today. On the other side, the cycle top is nearing, a slightly consolidation will be seen before breaking above 1.3259 previous high.

GBPUSD

20070313_gbpusd_1.gifNo changed in our view, GBPUSD bottomed at 1.9183 on 4 hours chart, the fall from 1.9433 is treated as in correction to the up trend. Further rise towards 1.9672 level is still possible in the next several days. Near term support is at 1.9183, only break below this level may signal the resumption of the down trend.

USDJPY

20070313_usdjpy_1.gifThe up trend line support is broken below, USDJPY topped at 1.1849 on 4 hours chart. Consolidation will be formed before the resumption of the up trend, and further fall towards 116.50 level can be expected in the next several days.

AUDUSD

20070313_audusd_1.gifAUDUSD is in up trend and further rise towards 0.7946 is still possible later today. Near term support is at the up trend line, as long as the trend line support holds, up trend will continue. Near term resistance is at 0.7946, a sideways consolidation will be seen before breaking above 0.7946 level.

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