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Short Term Analysis – April 24, 2007

20070424_usdchf_1.gifUSDCHF
USDCHF bottomed at 1.2001 on 4 hours chart, and further rise towards 1.2200 to reach the next cycle top on 4 hours chart can be expected in a couple of days. Near term support is at 1.2055 and the key support is at 1.2001, only break below 1.2001 level will signal the resumption of the down trend.

20070424_audusd_1.gifAUDUSD
AUDUSD is in correction to the up trend, further fall below the up trend line from 0.7680 to 0.8063 can be seen later today. More consolidation can be expected in the next several days. Key resistance is at 0.8392, only break above this level will signal the resumption of the up trend.

20070424_usdjpy_1.gifUSDJPY
No changed in our view, USDJPY bottomed at 117.59 on 4 hours chart, and further rise towards 119.86 previous high to reach the next cycle top on 4 hours chart can be expected in the next several days, and a break above 119.03 will confirm such case. Key support is at 117.59, only break below this level will signal the reversal to the up trend and fall towards 115.15 (March low) can be seen.

20070424_gbpusd_1.gifGBPUSD
GBPUSD broke below the up trend line support and topped at 2.0132 on 4 hours chart. Sideways consolidation can be expected in the next several days, and the price will find support above 1.9900 level. Key resistance is at 2.0132, a break above this level will signal the resumption of the up trend.

20070424_usdcad_1.gifUSDCAD
No changed in our view, USDCAD is in down trend, and further fall towards 1.1100 is still possible in the next several days. Near term resistance is at the down trend line from 1.1394 to 1.1338, now at 1.1270, a break above the trend line resistance will signal the reversal to the down trend.

20070424_eurusd_1.gifEURUSD
Key support at 1.3556 is broken below, EURUSD topped at 1.3636 on 4 hours chart. Further fall towards 1.3500 can be expected later today. Key resistance is at 1.3636, only break above this level will signal the resumption of the up trend.

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