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Short Term Analysis – December 17, 2007

20071217_usdjpy_1.gifUSDJPY
USDJPY is in up trend. The rise from 107.21 extended to as high as 113.60. Further rally towards 114.00 area to reach the next short term cycle top is still possible in a couple of days. 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.

20071217_usdcad_1.gifUSDCAD
USDCAD is in up trend. As long as the up trend line from 0.9834 to 1.0004 support holds, we’d expect up trend to continue. Key support is at 1.0004, only break below this level will signal the reversal to the up trend.

20071217_gbpusd_1.gifGBPUSD
GBPUSD fall below 2.0179 previous low support and reaches as low as 2.0143 so far. Further decline towards 2.0100 area is still possible later today. Near term resistance is at down trend line from 2.1161 to 2.0830, as long as the pair stays below the trend line resistance, down trend will continue.

20071217_eurusd_1.gifEURUSD
EURUSD broke below 1.4524 previous low support and reaches as low as 1.4403 so far. Further decline towards 1.4200 area is still possible in a couple of days. Near term resistance is at 1.4650, and as long as this resistance holds, down trend will continue.

20071217_audusd_1.gifAUDUSD
As expected, AUDUSD fell below 0.8659 previous low support and reached as low as 0.8603 level. Further decline towards 0.8400 area is expected, and as long as 0.8780 resistance holds, we’d expect up trend to continue.

20071217_usdchf_1.gifUSDCHF
USDCHF is in up trend. The rise from 1.1153 extends to as high as 1.1559 level so far. Further rally towards 1.1700 area is still possible. Near term support is at he up trend line from 1.1153 to 1.1233, only break below the trend line support 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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