Short Term Analysis – April 2, 2007

20070402_usdcad_1.gifUSDCAD
USDCAD broke below the key support at 1.1528, and down trend resumed. Further fall towards 1.1450 is still possible later today. Near term resistance is at the down trend line from 1.1787 to 1.1613, and followed by 1.1613 level, only break above 1.1613 level will delay the resumption of the down trend.

20070402_audusd_1.gifAUDUSD
AUDUSD broke above 0.8108 previous high and up trend resumed. Further rise towards 0.8200 level can be expected in the next several days. Key support is at 0.8028, only break below this level will delay the resumption of the up trend.

20070402_eurusd_1.gifEURUSD
EURUSD failed to test the previous high resistance at 1.3410 and pulled back from 1.3400 level. Further fall below 1.3253 is still possible in a couple of days. Only break above 1.3410 level will signal the resumption of the up trend.

20070402_gbpusd_1.gifGBPUSD
No changed in our view, GBPUSD is topping at 1.9726 on 4 hours chart and daily chart, and a break below 1.9545 key support will confirm the cycle top. Only break above 1.9726 previous high will delay the reversal to the up trend.

20070402_usdchf_1.gifUSDCHF
USDCHF broke above 1.2227 previous high resistance and pulled back from 1.2239 level. The fall from 1.2239 is treated as in correction of the up trend, and rise above 1.2354 (the day high of Mar 9) to reach the next cycle top on 4 hours chart is still in favor, and a break above 1.2239 will confirm such case.

20070402_usdjpy_1.gifUSDJPY
No changed in our view, USDJPY bottomed at 116.38 on 4 hours chart. Further rise towards 119.00 is still possible in the next several days. Near term support is at 116.38, only break below this level will delay the resumption of the up trend.