Short Term Analysis - December 20, 2007
USDJPY
USDJPY formed a sideways consolidation in a range between 112.73 and 113.60. Further rally towards 117.00 is still possible after consolidation, and a break above 113.60 will signal the resumption of the up trend.
GBPUSD
GBPUSD broke below 2.0100 long term trend line support and reached as low as 1.9928. Further decline towards 1.9700 area is still possible. Near term resistance is at the falling trend line, now at 2.0145, only break of the trend line resistance will signal consolidation to the down trend.
USDCAD
USDCAD formed a short term cycle top at 1.0248 on 4-hour chart, and is testing the previous low support at 1.0004, further pullback towards 0.9800 area is expected after breaking below this level. Key resistance is at 1.0248, only break of this level may signal the resumption of the up trend.
EURUSD
EURUSD is in consolidation to the down trend. Further decline towards 1.4000 area can be seen after consolidation, and a break below 1.4325 may confirm such case. Near term resistance is at 1.4485, as long as the pair stays below this level, down trend will continue.
AUDUSD
AUDUSD is forming a sideways consolidation to the down trend. Further fall towards 0.8400 is still possible after consolidation, and a break below 0.8551 may confirm such case. Near term resistance is at 0.8650, as long as this resistance holds, down trend will continue.
USDCHF
USDCHF is in consolidation to the up trend. Further rally towards 1.1800 is still possible after consolidation, and a break above 1.1586 will signal the resumption of the up trend. Near term support is at 1.1477 and followed by the up trend line from 1.1153 to 1.1233.
Please click the following links for more short term and long term forex analysis.
USDCHF | USDJPY | EURUSD | GBPUSD | USDCAD | AUDUSD
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