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Short Term Analysis – September 18, 2007

20070918_gbpusd_1.gifGBPUSD
GBPUSD is in down trend, the fall from 2.0365 extended to as low as 1.9879, and further fall towards 1.9652 (Aug 17 low) is still possible in the next several days. Near term resistance is at 2.0030, and as long as this resistance holds, down trend will continue.

20070918_audusd_1.gifAUDUSD
Key support at 0.8342 is broken below, AUDUSD topped at 0.8456 on 4 hours chart. Further fall below the up trend line from 0.8050 (Aug 29 low) to 0.8171 is still possible later today. Near term resistance is at 0.8456, only rise above this level will signal the resumption of the up trend.

20070918_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.

20070918_eurusd_1.gifEURUSD
EURUSD topped at 1.3927 on 4 hours chart, further fall towards the up trend line from 1.3360 (Aug 16 low) to 1.3350 (Sep 4 low) is still possible in the next several days. Near term resistance is at 1.3927, only break above this level will signal the resumption of the up trend.

20070918_usdcad_1.gifUSDCAD
USDCAD is in down trend, and the fall from 1.0589 extended to as low as 1.0238. Further fall towards 1.0100 area is expected. Near term resistance is at 1.0315 and followed by the falling price channel, as long as the channel resistance holds, down trend will continue.

20070918_usdchf_1.gifUSDCHF
USDCHF bottomed at 1.1801 on 4 hours chart. Further rise towards 1.2000 area to reach the next cycle top 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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