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Short Term Analysis – September 17, 2007

20070917_audusd_1.gifAUDUSD
AUDUSD is testing the previous high resistance at 0.8438, rise above this level will signal resumption to the up trend and further rise towards 0.8550 can be seen. Key support is at 0.8342, a break below this level will signal the reversal to the up trend, and further fall towards 0.8050 is still possible.

20070917_usdjpy_1.gifUSDJPY
No changed in our view, 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 114.37 and followed by 112.58, only break below 112.58 level will signal the resumption of the down trend.

20070917_eurusd_1.gifEURUSD
EURUSD formed a short term cycle top at 1.3927 on 4 hours chart. Consolidation can be seen, and further fall towards 1.3800 area is still possible later today. Key resistance is at 1.3927, a break above this level will signal the resumption of the up trend.

20070917_usdcad_1.gifUSDCAD
USDCAD fall below the long term key support at 1.0339 (Jul 24 low), further fall towards 1.0100 area is expected. Near term resistance is at down trend line and followed by 1.0380, and as long as 1.0380 resistance holds, down trend will continue.

20070917_gbpusd_1.gifGBPUSD
GBPUSD topped at 2.0365 on 4 hours chart. Further fall towards 1.9959 previous low support is still possible later today. Near term resistance is at 2.0225, and as long as this resistance holds, down trend will continue.

20070917_usdchf_1.gifUSDCHF
USDCHF broke below 1.1816 (Aug 6 low) and reached as low as 1.1801. Consolidation can be seen, and further rise towards 1.2000 area is expected. Key support is at 1.1801, a break below this level wills signal the resumption of the down trend.

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