Short Term Analysis – November 13, 2007

20071113_eurusd_1.gifEURUSD
EURUSD broke below the up trend line from 1.4125 to 1.4442 and formed a short term cycle top at 1.4751. Further pullback towards 1.4400 area to reach the next short term cycle bottom can be seen in the next several days. However, the fall from 1.4751 is treated as correction to the up trend, rise towards 1.5000 is still possible after correction, and a break above 1.4751 will confirm such case.

20071113_usdjpy_1.gifUSDJPY
USDJPY is in down trend. The fall from 115.91 extended to as low as 109.12, and further fall towards 108.00 is still possible in a couple of days. Near term resistance is at the down trend line, and as long as the trend line resistance holds, down trend will continue.

20071113_gbpusd_1.gifGBPUSD
GBPUSD is now in down trend. Further fall towards 2.0400 area is still possible in the next several days. For longer term analysis, the pair has topped at 2.1161 on daily chart, and will find support at 2.0100 area.

20071113_audusd_1.gifAUDUSD
Being support by the previous low support at 0.8748, AUDUSD rebounded from 0.8752 level. Further fall towards 0.8400 area to reach the next short term cycle bottom is still possible after consolidation. Key resistance is at 0.9398, only break of this level will signal the resumption of the up trend.

20071113_usdchf_1.gifUSDCHF
USDCHF is in down trend. The rise from 1.1187 is treated as consolidation to the down trend. Further fall towards 1.1000 is still possible after consolidation, and a break below 1.1187 level will signal the resumption of the down trend.

20071113_usdcad_1.gifUSDCAD
USDCAD is in correction to the down trend. Near term resistance is at 0.9825 level, and pullback from this area will more likely be seen later today. Near term support is at the up trend line, if gives way, further pullback towards 0.9300 can be seen.

Please click the following links for more short term and long term forex analysis.

USDCHF | USDJPY | EURUSD | GBPUSD | USDCAD | AUDUSD

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