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Short Term Analysis – March 14, 2007

USDCHF

20070314_usdchf_1.gifUSDCHF broke below the price channel support, and further fall below 1.2108 previous low to reach the next cycle bottom on 4 hours chart is still possible in the next several days. Near term resistance is at 1.2260, only break rise above this level may delay the resumption of the down trend.

AUDUSD

20070314_audusd_1.gifThe up trend line support is broken below, AUDUSD topped at 0.7883 on 4 hours chart. Further fall towards 0.7750 level can be expected in the next several days. Near term resistance is at 0.7883, a break above this level may signal the resumption of the up trend.

USDCAD

20070314_usdcad_1.gifUSDCAD is bottoming at 1.1679 on 4 hours chart, and sideways consolidation will be seen before breaking below 1.1679 level. Key resistance is at 1.1825, a break above this level will signal the resumption of the up trend, and further rise above 1.1875 will be seen.

EURUSD

20070314_eurusd_1.gifEURUSD is in correction to the up trend, further rise towards 1.3259 to reach the next cycle top on 4 hours chart is still possible later today, and the next cycle top is nearing. Key support is at 1.3155, a break below this level will confirm the cycle top.

GBPUSD

20070314_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 fall towards 1.9183 can be expected later today, and support at 1.9183 will more likely be held. Near term resistance is at 1.9433, a break above this level will signal the resumption of the up trend.

USDJPY

20070314_usdjpy_1.gifUSDJPY topped at 118.49, and the fall from 118.49 extended to as low as 115.87 so far. Further fall towards the key support at 115.15 can be expected later today. Only break below this level will signal the resumption of the down trend.

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