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Short Term Analysis – December 14, 2007

20071214_usdcad_1.gifUSDCAD
USDCAD broke above 1.0213 previous high resistance and reached as high as 1.0233. Further rise towards 1.0400 area to reach the next short term cycle top is still possible. Near term support is at the up trend line from 0.9834 to 1.0004, as long as the pair stays above this support, further rally is in favor.

20071214_gbpusd_1.gifGBPUSD
GBPUSD formed a short term cycle top at 2.0577 level. Further pullback towards 2.0179 previous low is still possible. Near term resistance is at 2.0577, a break above this level will signal the reversal to the down trend, and rise towards 2.1161 is expected to follow.

20071214_eurusd_1.gifEURUSD
EURUSD bottomed at 1.4524 level. As long as 1.4524 previous low support holds, rise towards 1.4900 area is still in favor, and a break above 1.4769 key resistance will confirm such case. On the other side, if 1.4524 support gives way, the pair would find support at 1.4350 area.

20071214_usdjpy_1.gifUSDJPY
USDJPY is in up trend. The rise from 107.21 extended to as high as 112.64. 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.

20071214_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.

20071214_usdchf_1.gifUSDCHF
USDCHF is in up trend. The rise from 1.1153 extended to as high as 1.1450 level. Further rally towards 1.1500 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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