Short Term Analysis - March 23, 2007
USDJPY
No changed in our view, USDJPY bottomed at 115.75 on 4 hours chart. Further rise above 118.49 previous high to reach the next cycle top on 4 hours chart can be expected later today. Near term support is at 116.92, only break below this level may signal the resumption of the down trend.
USDCHF
Resistance at 1.2166 is broken above, USDCHF is in correction to the down trend. Further rise towards 1.2214 previous high is still possible later today. Key support is at 1.2075, a break below this level will signal the resumption of the down trend.
USDCAD
USDCAD is in down trend, the rise from 1.1528 is treated as in correction to the down trend. Further fall towards 1.1450 is still possible in the next several days. Near term resistance is at 1.1631, as long as this resistance holds, down trend will continue.
AUDUSD
No changed in our view, AUDUSD is in up trend, the rise from 0.7680 extended to as high as 0.8091. 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.
GBPUSD
GBPUSD is in up trend, and further rise towards 1.9800 is still possible later today. Near term support is at the up trend line and followed by 1.9554, only break below 1.9554 level wills signal the reversal to the up trend.
EURUSD
EURUSD is in up trend, the fall from 1.3410 is treated as in correction to the up trend, and further rise above 1.3410 previous can be expected after this correction. Near term support is at the bottom of the price channel, and the key support is at 1.3271, and the key support will more likely be held.
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