Short Term Analysis - August 31, 2007
EURUSD
EURUSD formed a sideways consolidation in a range between 1.3562 and 1.3684. Further rise towards 1.3750 is now in favor. Near term support is at 1.3590 and followed by 1.3562, a break below 1.3562 level will signal the resumption of the down trend and further fall below 1.3360 is possible.
USDCAD
USDCAD bottomed at 1.0469. The fall form 1.0676 is treated as correction to the up trend. Further rise towards 1.0866 previous high is expected to follow. Key support is at 1.0469, only break below this level will indicate lengthier correction to the up trend.
GBPUSD
GBPUSD bottomed at 1.9959 on 4 hours chart. The pair is now in up trend, and further rise towards 2.0350 area is possible later today. Near term support is at 1.9959, and as long as this support holds, up trend will continue.
USDJPY
No changed in our view, USDJPY is forming a sideways consolidation in a range between 113.86 and 117.11. Fall below 113.86 will more likely be seen in a couple of days. Key resistance is at 117.11, a break above this level will signal the resumption of the long term up trend.
USDCHF
USDCHF broke above 1.2045 resistance and pulled back from 1.2065. Further fall below 1.1959 previous low is now in favor, and target will be at 1.1930 area. Near term resistance is at 1.2065, only rise above this level will signal the resumption of the up trend.
AUDUSD
No changed in our view, AUDUSD topped at 0.8334 on 4 hours chart, further fall towards 0.7950 is still possible later today. Key resistance is at 0.8334, a break above this level will signal the resumption of the up trend, and rise towards 0.8662 previous high can be seen.
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