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Short Term Analysis – March 22, 2007

20070322_usdchf_1.gifUSDCHF
USDCHF topped at 1.2166 on 4 hours chart, near term support is at 1.2029, a break below this level will signal the resumption of the down trend. Near term resistance is at 1.2166, break above this level will indicate lengthier correction to the down trend is underway, and further rise towards 1.2214 can be expected.

20070322_usdcad_1.gifUSDCAD
As expected, USDCAD broke below 1.1564 previous low support. Further fall towards 1.1500 level is still possible later today. Near term resistance is at 1.1630, only rise above this level may delay the resumption of the down trend.

20070322_audusd_1.gifAUDUSD
AUDUSD is in up trend, the rise from 0.7680 extended to as high as 0.8087. A slightly correction will be coming soon and pullback towards 0.8000 level can be expected in a couple of days. Near term support is at the bottom of the price channel, and as long as the cannel support holds, up trend will continue.

20070322_eurusd_1.gifEURUSD
Resistance at 1.3338 is broken above, EURUSD bottomed at 1.3271 and up trend resumed. Further rise towards 1.3500 can be seen in the next several days. Near term support is at the bottom of the price channel, and as long as the channel support holds, up trend will continue.

20070322_gbpusd_1.gifGBPUSD
As expected, GBPUSD broke above 0.9672 previous high, further rise towards 1.9800 to reach the next cycle top on 4 hours chart is still possible in the next several days. Near term support is at the up trend line, and as long as the trend line support holds, up trend will continue.

20070322_usdjpy_1.gifUSDJPY
No changed in our view, 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.

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