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Short Term Analysis – March 20, 2007

USDCAD

20070320_usdcad_1.gifNo changed in our view, USDCAD is in correction to the down trend, further rise towards 1.1825 to reach the next cycle top on 4 hours chart is still possible later today. Near term support is at the up trend line, from 1.1679 to 1.1711, a break below the trend line support will signal the resumption of the down trend.

USDCHF

20070320_usdchf_1.gifThe down trend line is broken above, USDCHF bottomed at 1.2029 on 4 hours chart. Sideways consolidation can be expected in the next several days. Near term support is at 1.2029, a break below this level will signal the resumption of the down trend.

AUDUSD

20070320_audusd_1.gifAs expected, AUDUSD broke above 0.7977 (the day high of Jan 3) reached as high as 0.8032. Further rise towards 0.8100 is still possible after a slightly correction. 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

20070320_usdjpy_1.gifKey resistance at 117.77 is broken above, USDJPY bottomed at 115.75 on 4 hours chart. Further rise above 118.49 previous high can be seen in the next couple of days. Near term support is at 116.25, only break below this level may signal the resumption of the down trend.

EURUSD

20070320_eurusd_1.gifAs expected, EURUSD is topping at 1.3338 on 4 hours chart. Sideways consolidation can be expected in the next several days. Near term support is at the bottom of the price channel, now at 1.3235. Near term resistant is at 1.3338, a break above this level will signal the resumption of the up trend.

GBPUSD

20070320_gbpusd_1.gifNo changed in our view, GBPUSD is in up trend, and further rise towards 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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