Short Term Analysis - August 21, 2007
USDCAD
USDCAD is in up trend. The fall from 1.0866 is treated as correction to the up trend, and further fall towards 1.0461 to reach the next cycle bottom on 4 hours chart is still possible later today. Key resistance is now at 1.0617, a break above this level will signal the resumption of the up trend. Near term support is at 1.0461, break below this level will delay the resumption of the up trend.
USDCHF
No changed in our view, USDCHF is in up trend, the fall from 1.2214 is treated as correction to the up trend, rise towards 1.2400 is still possible after correction, and a break above 1.2095 will signal the resumption of the up trend. Near term support is at 1.1993, break below this level will indicate lengthier correction to the up trend.
GBPUSD
GBPUSD is in correction to the down trend, and further rise towards 1.9980 to reach the next cycle top on 4 hours chart is still possible later today. Down trend will resume after correction and fall below 1.9621 (Jun 8 low) is still in favor.
USDJPY
USDJPY is in correction to the down trend. Further rise towards 116.00 to reach the next cycle top on 4 hours chart is still possible later today. Down trend will resume after correction and fall towards 110.00 is still in favor.
AUDUSD
AUDUSD is in correction to the down trend. Further rise towards 0.8130 to reach the next cycle top on 4 hours chart is still possible later today. Key support is at 0.7675 previous low, a break below this level will signal the resumption of the down trend.
EURUSD
EURUSD is in down trend. The rise from 1.3360 is treated as correction to the down trend, and further fall towards 1.3300 is still in favor after correction. Near term resistance is at 1.3605, and as long as this resistance holds, down trend will continue.
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