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Short Term Analysis – November 26, 2007

20071126_gbpusd_1.gifGBPUSD
GBPUSD broke below 2.0526 key support and topped at 2.0762 on 4 hours chart. Further fall below 2.0352 previous low to reach the next short term cycle bottom is expected to follow, and a break below 2.0515 level will confirm such case. Near term resistance is at 2.0762, only rise above this level will indicate lengthier correction to the down trend.

20071126_usdchf_1.gifUSDCHF
USDCHF formed a short term cycle bottom at 1.0890 level. Further rebounded towards 1.1200 is expected and break above the price channel to reach the next short term cycle top can be seen. Near term support is at 1.0890, only fall below this level will signal the resumption of the down trend.

20071126_usdjpy_1.gifUSDJPY
USDJPY is in down trend. The rebounded from 107.54 is treated as consolidation to the down trend. Further fall towards 106.00 is still possible after consolidation. Near term support is at 107.54, a break below this level will signal the resumption of the down trend.

20071126_audusd_1.gifAUDUSD
AUDUSD is in down trend. The rebound from 0.8651 is treated as correction to the down trend. Further fall towards 0.8400 is still possible after correction, and a break below 0.8651 will signal the resumption of the down trend. Near term resistance is at the down trend line from 0.9068 to 0.8952, and as long as the trend line resistance holds, down trend will continue.

20071126_eurusd_1.gifEURUSD
EURUSD formed a short term cycle top at 1.4968 level. Further pullback towards 1.4519 previous low is still possible. However, the fall from 1.4968 is treated as correction to the up, and a break above 1.4968 will signal the resumption of the up trend.

20071126_usdcad_1.gifUSDCAD
USDCAD is in up trend. The rise from 0.9056 extended to as high as 0.9923, and further rise towards 1.0000 to reach the next short term cycle top is still possible in the next several days. Near term support is at 0.9700, a break below this level will signal the reversal to the up trend.

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

USDCHF | USDJPY | EURUSD | GBPUSD | USDCAD | AUDUSD

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