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Short Term Analysis – March 16, 2007

EURUSD

20070316_eurusd_1.gifEURUSD break above the previous high resistance at 1.3259 is reach 1.3304 so far. Further rise towards 1.3364 (the day high of Dec 8, 2006) is still possible later today. Near term support is at the up trend line, only break below the trend line support may signal the reversal to the up trend.

USDCHF

20070316_usdchf_1.gifUSDCHF is in down trend, further fall towards 1.1900 to reach the next cycle bottom on 4 hours chart is possible later today. Near term resistance is at 1.2214, only break above this level may signal the reversal to the down trend.

AUDUSD

20070316_audusd_1.gifKey resistance at 0.7883 is broken above, AUDUSD’s up trend resumes. Further rise towards 0.7946 can be expected in the next several days. Near term support is at the up trend line from 0.7680 to 0.7798, only break below the trend line support may signal the reversal to the up trend.

USDJPY

20070316_usdjpy_1.gifNo changed in our view, USDJPY is in correction to the up trend and is bottoming at 115.75 on 4 hours chart, key resistance is at 118.49, and a break above this level will confirm the cycle bottom. Key support is at 115.15, only break below this level may signal the resumption of the down trend.

USDCAD

20070316_usdcad_1.gifUSDCAD is in correction to the down trend, further rise towards 1.1825 is still possible later today. Near term support is at 1.1730, a break below this level will signal the resumption of the down trend.

GBPUSD

20070316_gbpusd_1.gifNo changed in our view, GBPUSD is in correction to the up trend, the fall from 1.9433 finished at 1.9212 and further rise towards 1.9672 level can be expected, and a break above 1.9433 will signal the resumption of the up trend.

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