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Short Term Analysis – December 21, 2007

20071221_usdcad_1.gifUSDCAD
Previous low support at 1.0004 is broken below, USDCAD is now in down trend. Further pullback towards 0.9800 area is still possible later today. Key resistance is at 1.0248, only break of this level may signal the resumption of the up trend.

20071221_usdjpy_1.gifUSDJPY
No changed in our view, 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.

20071221_gbpusd_1.gifGBPUSD
GBPUSD’s down trend remains, and the fall from 2.0577 extended to as low as 1.9809. Further decline towards 1.9700 area is still possible in a couple of days. Near term resistance is at the falling trend line, now at 2.0055, only break of the trend line resistance will signal consolidation to the down trend.

20071221_eurusd_1.gifEURUSD
No changed in our view, EURUSD is in consolidation to the down trend. Further decline towards 1.4000 area can be seen after consolidation. Near term resistance is at 1.4485, as long as the pair stays below this level, down trend will continue.

20071221_audusd_1.gifAUDUSD
No changed in our view, 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.

20071221_usdchf_1.gifUSDCHF
USDCHF is in consolidation to the up trend. Further rally towards 1.1800 is still possible after consolidation. 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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