Short Term Analysis – May 4, 2007

20070504_usdchf_1.gifUSDCHF
USDCHF is in consolidation to the up trend. The fall from 1.2188 is limited by the up trend line from 1.2004 to 1.2050. Further rise towards 1.2250 can still be expected in the next several days. Near term support is at the up trend line, and the key support is at 1.2092, only break below 1.2092 level will signal the reversal to the up trend.

20070504_usdcad_1.gifUSDCAD
USDCAD traded in a narrow range between 1.1046 and 1.1142. One more rise above 1.1142 will more likely be seen before breaking below the long term support at 1.1031 (Aug 31, 2006 low) level. Near term support is at 1.1046, a break below this level will signal the resumption of the down trend.

20070504_gbpusd_1.gifGBPUSD
GBPUSD broke below the previous low support at 1.9864. Further fall towards 1.9800 is still possible later today. Near term resistance is at the down trend line from 2.0073 to 1.9946, and followed by 1.9946. As long as 1.9946 resistance holds down trend will continue.

20070504_usdjpy_1.gifUSDJPY
No changed in our view, USDJPY is in up trend. The rise from 117.59 extended to as high as 120.46. Further rise towards 121.00 is still possible later today. Near term support is at the up trend line from 117.59 to 119.06, as long as the trend line support holds, up trend will continue.

20070504_eurusd_1.gifEURUSD
EURUSD is testing the previous low support at 1.3540, a break below this level will signal the reversal to the medium term up trend. Key resistance is at 1.3681, only break above this level will signal the resumption of the up trend.

20070504_audusd_1.gifAUDUSD
AUDUSD is in down trend. The fall from 0.8392 extended to 0.8181 so far. Further fall towards 0.8150 is still possible later today. Near term resistance is at the down trend line from 0.8392 to 0.8327, and as long as the trend line resistance holds, down trend will continue.