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Short Term Analysis – September 13, 2007

20070913_usdjpy_1.gifUSDJPY
USDJPY is forming a sideways consolidation in a range between 111.59 (Aug 17 low) and 117.11 (Aug 23 high). Rise towards 116.00 to reach the next cycle top on 4 hours chart is expected. Near term support is at 112.58, only break below this level will signal the resumption of the down trend.

20070913_eurusd_1.gifEURUSD
As expected, EURUSD broke above 1.3851 (Jul 24 high). Further rise towards 1.3950 area is still possible later today. Near term support is at 1.3778 and as long as this support holds, up trend will continue.

20070913_usdcad_1.gifUSDCAD
USDCAD is testing the long term key support at 1.0339 (Jul 24 low), a break below this level will signal the resumption of the long term down trend. On the other side, the next cycle bottom on 4 hours chart is nearing, a short term cycle bottom can be formed above 1.0339 level.

20070913_gbpusd_1.gifGBPUSD
GBPUSD is in up trend. Further rise towards 2.0400 to reach the next cycle top on 4 hours chart is still possible. Key support is at 2.0228, a break below this level will signal the reversal to the up trend.

20070913_usdchf_1.gifUSDCHF
USDCHF is testing the previous low support at 1.1816 (Aug 6 low), Further fall below this level this level to reach the next cycle bottom on 4 hours chart is expected. Near term resistance is at 1.1897, only break above this level will delay the resumption of the down trend.

20070913_audusd_1.gifAUDUSD
AUDUSD broke above 0.8309 previous high and reached as high as 0.8432, further rise towards 0.8450 to reach the next cycle top on 4 hours chart is still possible later today, and the next cycle top is nearing.

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