Short Term Analysis - May 25, 2007
GBPUSD
GBPUSD is in correction to the down trend. Further rise towards 1.9999 to reach the next cycle top on 4 hours chart can be expected and a break above 1.9895 will confirm such case. Near term support is at 1.9795 and key support is at 1.9676, a break below the key support will signal the resumption of the down trend.
USDCHF
USDCHF is bottoming at 1.2239 on 4 hours chart, sideways consolidation in a range between 1.2239 and 1.2331 can be expected later today, rise towards 1.2400 can be seen after consolidation, and a break above 1.2331 will signal the resumption of the up trend.
USDCAD
USDCAD is in consolidation to the down trend. Pullback towards the down trend line is possible, down trend will resume after testing the trend line resistance, and a break below 1.0802 will signal the resumption of the down trend.
USDJPY
USDJPY broke below the key support at 121.20 and topped at 121.87 on 4 hours chart. Further fall towards the up trend line from 117.59 (Apr 19 low) to 119.46 (May 11 low) can be expected in a couple of days. Key resistance is at 121.87, a break above this level will signal the resumption of the up trend.
AUDUSD
AUDUSD broke below the key support at 0.8181 and topped at 0.8267 on 4 hours chart. Further fall towards 0.8130 can be seen. Near term resistance is at 0.8267, only break above this level will signal the reversal to the down trend.
EURUSD
EURUSD is in down trend. The fall from 1.3681 extended to as low as 1.3414, further fall towards 1.3350 is still possible in a couple of days. Key resistance is at 1.3501, a break above this level will signal the consolidation to the down trend.
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