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Short Term Analysis – December 31, 2007

20071231_eurusd_1.gifEURUSD Analysis
EURUSD is testing the previous high resistance at 0.4769. A short term cycle top and consolidation will more likely be seen before breaking above this level. Further rally towards 1.4966 (Nov, 23 high) is still possible after consolidation.

20071231_audusd_1.gifAUDUSD Analysis
No changed in our view, 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.

20071231_usdjpy_1.gifUSDJPY Analysis
Near term support at 112.73 is broken below, USDJPY is now in down trend. Further pullback towards 110.00 area to reach the next short term cycle bottom is still possible. Key resistance is at 114.77, only break above this level will signal the resumption of the up trend.

20071231_usdcad_1.gifUSDCAD Analysis
USDCAD is in down trend, as long as the down trend line resistance holds, we’d expect down trend to continue, and further fall towards 1.9600 area is still possible in a couple of days. Near term resistance is at 0.9852, break of this level will signal consolidation to the down trend.

20071231_gbpusd_1.gifGBPUSD Analysis
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.

20071231_usdchf_1.gifUSDCHF Analysis
USDCHF is now in down trend. Further pullback towards 1.1150 area to reach the next short term cycle bottom is expected. Near term resistance is at 1.1400 level, only rise above this level will signal consolidation of the down 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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