Short Term Analysis - May 24, 2007
USDCHF
As expected, USDCHF pulled back from 1.2331 and reached as low as 1.2239, further fall towards the up trend line from 1.2004 to 1.2125 to reach the next cycle bottom on 4 hours chart is still possible later today. However, the fall from 1.2331 is treated as consolidation to the up trend, and the next cycle bottom is nearing, the pair can bottom at 1.2239 level, a break above the key resistance at 1.2331 will signal the resumption of the up trend.
AUDUSD
AUDUSD broke above the previous high resistance at 0.8257 and bottomed at 0.8181 on 4 hours chart. Further rise towards 0.8300 level to reach the next cycle top on 4 hours chart can be expected. Key support is at 0.8181, a break below this level will signal the resumption of the down trend.
GBPUSD
GBPUSD broke above the previous high resistance at 1.9873, further rise towards 1.9999 to reach the next cycle top on 4 hours chart can be seen in the next several days. The rise from 1.9676 is treated as correction to the down trend, and fall below 1.9676 after correction is still in favor.
USDCAD
USDCAD’s down trend extended to as low as 1.0812. Sideways consolidation to the down trend will more likely be seen in a couple of days, pullback towards the down trend line is possible, and down trend will resume after testing the trend line resistance.
USDJPY
No changed in our view, USDJPY is in up trend. The rise from 119.46 extended to as high as 121.87. Further rally towards 122.18 (Jan 29 high) can still be expected later today. Near term support is at 121.20, and as long as this support holds, up trend will continue.
EURUSD
EURUSD is in down trend. The fall from 1.3681 extended to as low as 1.3415, further fall towards 1.3350 is still possible in a couple of days. Near term resistance is at 1.3525, and as long as this resistance holds, down trend will continue.
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