Short Term Analysis – December 10, 2007

20071210_eurusd_1.gifEURUSD
EURUSD is in down trend. The rebound from 1.4524 is treated as correction to the down trend. Pullback to retest 1.4524 previous low support would more likely be seen. Near term resistance is at the down trend line from 1.4966 to 1.4769, and followed by 1.4769, as long as 1.4769 resistance holds, down trend would continue.

20071210_gbpusd_1.gifGBPUSD
GBPUSD is in down trend. The rebound from 2.0179 is treated as consolidation to the down trend. Further fall towards 1.0100 to reach the next short term cycle bottom is still possible after consolidation, and a break below 2.0179 level will signal the resumption of the down trend.

20071210_usdjpy_1.gifUSDJPY
USDJPY broke above 111.21 previous high. Further rise towards 113.00 area may be expected. Key support is at 109.55, a break below this level would signal the reversal to the down trend, and pullback to retest the support at 107.21 previous low is expected to follow.

20071210_usdcad_1.gifUSDCAD
USDCAD is in up trend. The rise from 0.9056 extended to as high as 1.0213. Further rise towards 1.0400 is still possible in the next several days. Near term support is at 0.9970, as long as the pair stays above this support, further rally is in favor.

20071210_audusd_1.gifAUDUSD
AUDUSD formed a sideways consolidation in a range between 0.8651 and 0.9068 for several weeks. Break of this range is needed, and fall towards 0.8400 area would more likely be seen in the next several days.

20071210_usdchf_1.gifUSDCHF
USDCHF broke above 1.1326 previous high. Further rise towards 1.1400 area is still possible. Key support is at 1.1153, a break below this level would signal the reversal to the up trend, and fall below 1.0890 previous low 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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