Short Term Analysis - August 17, 2007
USDCHF
USDCHF is in up trend. Further rise towards 1.2400 to reach the next cycle top on 4 hours chart is expected in the next several days. Near term support is at the price channel, and as long as the channel support holds, up trend will continue.
USDJPY
USDJPY is in down trend. The fall from 119.80 extended to as low as 111.99. Sideways consolidation will more likely be seen before breaking below 111.99 level. Near term resistance is at 116.25, and as long as this resistance holds, down trend will continue.
GBPUSD
GBPUSD is in down trend. The fall from 2.0398 extended to as low as 1.9770. Further fall towards 1.9621 (Jun 8) low is expected. Near term resistance is at the falling price channel, and as long as the channel resistance holds, down trend will continue.
USDCAD
USDCAD is in up trend. The fall from 1.0866 is treated as consolidation to the up trend, and a break above 1.0866 level will signal the resumption of the up trend. Near term support is at the price channel, and as long as the channel support holds, up trend will continue.
EURUSD
EURUSD is in down trend. The fall from 1.3839 extended to as low as 1.3360. Further fall towards 1.3300 is expected after consolidation. Near term resistance is at the price channel, and as long as the channel resistance holds, down trend will continue.
AUDUSD
AUDUSD is in down trend. The fall from 0.8662 extended to as low as 0.7814. Further fall towards 0.7700 is expected after consolidation. Near term resistance is at the down trend line from 0.8662 to 0.8504, and as long as the trend line resistance holds, down trend will continue.
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