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Short Term Analysis – May 22, 2007

20070522_usdchf_1.gifUSDCHF
USDCHF broke above the previous high resistance at 1.2282 and reached as high as 1.2331. Sideways consolidation will more likely be seen in a couple of days and pullback towards 1.2250 can be expected. Near term resistance is at 1.2331, a break above this level will signal the resumption to the up trend, and rise above 1.2354 (March 9 high) can be seen.

20070522_eurusd_1.gifEURUSD
EURUSD broke below the previous low support at 1.3461 and down trend resumed. Further fall towards 1.3350 can be seen in a couple of days. Near term resistance is at 1.3525, and as long as this resistance holds, down trend will continue.

20070522_gbpusd_1.gifGBPUSD
No changed in our view, GBPUSD is in down trend. The fall from 2.0132 extended to 1.9676. Further fall towards 1.9600 is still possible later today. Near term resistance is at the down trend line from 1.9999 to 1.9873, and as long as the trend line resistance holds, down trend will continue.

20070522_audusd_1.gifAUDUSD
AUDUSD is in sideways consolidation in a range between 0.8170 and 0.8392 (Apr high), the path will be unpredictable in the range. Rise towards 0.8351 will more likely be seen, and a break above 0.8257 will confirm such case.

20070522_usdcad_1.gifUSDCAD
USDCAD is in down trend, the fall from 1.1167 extended to as low as 1.0822. Further fall towards 1.0800 is still possible in the next several days. Near term resistance is at the down trend line, and as long as the trend line resistance holds, down trend will continue.

20070522_usdjpy_1.gifUSDJPY
USDJPY is in up trend. The rise from 119.46 extended to as high as 121.62, further rally towards 122.18 (Jan 29 high) can still be expected later today. Near term support is at the up trend line from 119.46 to 120.68, a break below the trend line support will suggest a short top, and slightly correction can be seen.

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