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Short Term Analysis – September 24, 2007

20070924_usdcad_1.gifUSDCAD
As expected, USDCAD broke below 1.0000, and the fall from 1.0589 extended to as low as 0.9935. Further fall towards 0.9800 to reach the next cycle bottom on 4 hours chart is still possible later today. Near term resistance is at the falling price channel, as long as the channel resistance holds, down trend will continue.

20070924_usdjpy_1.gifUSDJPY
USDJPY pulled back from 116.36 last week and broke below the up trend line support. Further fall towards 113.50 area is still possible later today. Key resistance is at 116.36, a break above this level will signal the resumption of the up trend, and rise above 117.11 (Aug 23 high) can be seen.

20070924_gbpusd_1.gifGBPUSD
GBPUSD broke above 2.0172 previous high, further rise above 2.0365 is expected, and a break above this level will signal the resumption of the up trend, and further rally towards 2.0600 can be seen.

20070924_audusd_1.gifAUDUSD
AUDUSD is in up trend and further rise towards 0.8750 to reach the next cycle top on 4 hours chart is still possible later today. Key support is at 0.8605, a break below this level will signal the reversal to the up trend and pullback towards 0.8500 area can be seen.

20070924_eurusd_1.gifEURUSD
EURUSD is in up trend, the rise from 1.3360 (Aug 16 low) extended to as high as 1.4119, further rise towards 1.4200 is still possible later today. Near term support is at the up trend line from 1.3550 to 1.3827, and as long as the trend line support holds, up trend will continue.

20070924_usdchf_1.gifUSDCHF
USDCHF is in down trend, the fall from 1.1921 extended to as low as 1.1676, and further fall towards 1.1600 is expected. Near term resistance is at 1.1800, and as long as this resistance holds, down trend will continue.

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