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Short Term Analysis – December 28, 2007

20071228_audusd_1.gifAUDUSD
AUDUSD is moving to the next short term cycle top, and the next cycle top is nearing. Key support is at 0.8710, a break below this level will confirm the cycle top, and further fall towards 0.8551 previous low can be seen.

20071228_usdjpy_1.gifUSDJPY
USDJPY is in up trend, and the rise from 107.21 extended to as high as 114.77. Further rally towards 117.00 area is still possible after consolidation. Near term support is at 112.73, as long as this support holds, up trend will continue.

20071228_usdcad_1.gifUSDCAD
USDCAD is in down trend, and the fall from 1.0248 extended to as low as 0.9784. Further decline towards 0.9650 area to reach the next cycle bottom is still possible. Near term resistance is at the down trend line, and as long as the trend line resistance holds, down trend will continue.

20071228_gbpusd_1.gifGBPUSD
GBPUSD is in down trend. The rebound from 1.9755 is treated as consolidation to the down trend. Further fall below 1.9652 (Aug 17 low) is still possible after consolidation, and a break below 1.9755 will signal the resumption of the down trend.

20071228_eurusd_1.gifEURUSD
EURUSD formed a short term cycle bottom at 1.4309 on 4-hour chart. Further rise towards 1.4750 area to reach the next short term cycle top is expected. Sideways consolidation in a range between 1.4309 and 1.4966 will more likely be seen before breaking below 1.4309 level.

20071228_usdchf_1.gifUSDCHF
USDCHF broke below the support of the up trend line from 1.1153 to 1.1233 and reached as low as 1.1372. Further pullback towards 1.1300 area is still possible later today. Consolidation in a range between 1.1233 and 1.1595 will more likely be seen before breaking above 1.1595 level.

Please click the following links for more short term and long term forex analysis.

USDCHF | USDJPY | EURUSD | GBPUSD | USDCAD | AUDUSD

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