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Short Term Analysis – April 25, 2007

20070425_usdjpy_1.gifUSDJPY
USDJPY traded in a narrow range between 118.22 and 119.03 for 3 days. Further rise towards 119.86 previous high to reach the next cycle top on 4 hours chart can still 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.

20070425_usdchf_1.gifUSDCHF
USDCHF topped at 1.2126 on 4 hours chart. The fall from 1.2126 extended to as low as 1.2006, a break below 1.2001 previous low will signal the resumption of the down trend, and further fall towards 1.1950 can be seen.

20070425_audusd_1.gifAUDUSD
AUDUSD broke below the up trend line from 0.7680 to 0.8063, consolidation of the up trend can be expected in the next several days. Key resistance is at 0.8392, a break above this level will signal the resumption of the up trend.

20070425_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.

20070425_gbpusd_1.gifGBPUSD
GBPUSD topped at 2.0132 on 4 hours chart. Consolidation of the up trend can be expected in the next several days. The price will find support at the up trend line from 1.9212 to 1.9590. Key resistance is at 2.0132, a break above this level will signal the resumption of the up trend.

20070425_eurusd_1.gifEURUSD
EURUSD break above 1.3636 previous high and is testing the long term resistance at 1.3664 (2004 high), a break above this level will signal the resumption of the up trend and further rise towards 1.3750 can be seen.

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