Short Term Analysis - March 19, 2007
EURUSD
Up trend of EURUSD extended to as high as 1.3338 last week. The next cycle top on 4 hours chart is nearing now, and a sideways consolidation can be expected before breaking above 1.3364 (the day high of Dec 8, 2006). Near term support is at the up trend line, from 1.3086 to 1.3193, now at 1.3238 level.
USDCHF
Down trend of USDCHF extended to as low as 1.2029, further fall towards 1.2000 is still possible later today. Near term resistance is at the down trend line, as long as the trend line resistance holds, down trend will continue.
AUDUSD
AUDUSD is in up trend and further rise above 0.7977 (the day high of Jan 3) is still possible in the next several day after a slightly consolidation. 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
No 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 now at 117.77, and a break above this level will confirm the cycle bottom. Key support is at 115.75, only break below this level may signal the resumption of the down trend.
USDCAD
No changed in our view, USDCAD is in correction to the down trend, further rise towards 1.1825 is still possible later today. Near term support is at 1.1711, a break below this level will signal the resumption of the down trend.
GBPUSD
GBPUSD broke above the previous high resistance at 1.9433 and reached at high as 1.9505 last week. Further rise 1.9672 can be expected in the next several days. Key support is at 1.9212, only break below this level may signal he resumption of the down trend.
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