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Short Term Analysis – December 13, 2007

20071213_usdcad_1.gifUSDCAD
USDCAD is in up trend. Further rise towards 1.0400 to reach the next short term cycle top is still possible after consolidation. Near term support is at 1.0004, as long as the pair stays above this support, further rally is in favor.

20071213_gbpusd_1.gifGBPUSD
GBPUSD pulled back from the mentioned down trend line from 2.1161 (Nov 9 high) to 2.0830. Further fall towards 2.0179 would more likely be seen in a couple of days. As long as the pair stays below the trend line resistance, we’d expect down trend to continue.

20071213_eurusd_1.gifEURUSD
EURUSD broke above the down trend line from 1.4966 to 1.4769, and bottomed at 1.4524 level. Further rally towards 1.4966 previous high may be expected after consolidation, and a break above 1.4769 resistance is needed to confirm such case.

20071213_usdjpy_1.gifUSDJPY
USDJPY is in up trend. Further rally towards 114.00 area to reach the next short term cycle top is still possible. Key support is at 110.49, a break of this level will signal the reversal to the up trend, and fall towards 107.21 previous low can be seen.

20071213_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.

20071213_usdchf_1.gifUSDCHF
USDCHF broke above 1.1351 previous high and reached as high as 1.1399. Further rally towards 1.1450 area is still possible. Key support is at 1.1233, 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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