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Short Term Analysis – September 20, 2007

20070920_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). Further rise towards 117.11 to reach the next cycle top on 4 hours chart is still possible later today. Near term support is at the up trend line from 112.58 to 114.78, and followed by 114.78, a break below this level will signal the reversal to the current trend.

20070920_gbpusd_1.gifGBPUSD
GBPUSD bottomed at 1.9879 on 4 hours chart, the fall from 2.0172 is treated as correction to the up trend, and further rise towards 2.0365 previous high is expected. Key support is at 1.9879, only break below this level will signal the resumption of the down trend.

20070920_audusd_1.gifAUDUSD
AUDUSD is in up trend. The rise from 0.7675 extended to as high as 0.8596. Further rise towards 0.8650 is still possible later today. Key support is at 0.8275, a break below this level will signal the reversal to the up trend.

20070920_eurusd_1.gifEURUSD
EURUSD is in up trend, the rise from 1.3360 (Aug 16 low) extended to as high as 1.3987, further rise towards 1.4050 is still possible later today. Near term support is at the up trend line from 1.3550 to 1.3827, and key support is at 1.3827, a break below this level will signal the reversal to the up trend.

20070920_usdcad_1.gifUSDCAD
USDCAD is in down trend, and the fall from 1.0589 extended to as low as 1.0080. Further fall towards 1.0000 is expected. Near term resistance is at the falling price channel, as long as the channel resistance holds, down trend will continue.

20070920_usdchf_1.gifUSDCHF
USDCHF broke below 1.1801 previous low, further fall towards 1.1700 is expected to follow. Near term resistance is at 1.1921, only break above this level will signal the reversal to the down trend.

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