Short Term Analysis - May 10, 2007

20070510_usdcad_1.gifUSDCAD
USDCAD broke above the price channel resistance and reached as high as 1.1092. Lengthy consolidation can be expected in a couple of days. Key resistance is at 1.1142, a break above this level will signal the reversal to the down trend.

20070510_usdjpy_1.gifUSDJPY
USDJPY rebounded from the bottom of the price channel. Further rise above 120.46 previous high is still possible later today. Near term support is at the price channel and followed by 119.52, only break below 119.52 level will delay the resumption of the up trend.

20070510_usdchf_1.gifUSDCHF
No changed in our view, USDCHF is in up trend, further rise towards 1.2282 (Apr 9 high) can be seen. Near term support is at the up trend line from 1.2004 to 1.2079, now at 1.2110, and key support is at 1.2079, as long as the key support holds, up trend will continue.

20070510_gbpusd_1.gifGBPUSD
GBPUSD is in correction to the down trend, further rise towards 2.0073 previous high is still possible later today. Near term support is at 1.9879 and followed by 1.9843, a break below 1.9843 level will signal the resumption of the down trend.

20070510_audusd_1.gifAUDUSD
AUDUSD is forming in sideways consolidation in a range between 0.8170 and 0.8392. Path of such consolidation will be unpredictable. The key resistance at 0.8392 will more likely be held, and the previous low at 0.8170 will be broken below by the end of the consolidation.

20070510_eurusd_1.gifEURUSD
No changed in our view, EURUSD is in down trend, more sharply fall towards 1.3400 level can be expected in a couple of day. Near term resistance is at the down trend line, and followed by 1.3627, only break above the trend line resistance will delay the resumption of the down trend.

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