Short Term Analysis - Jan 4, 2008
USDCAD Analysis
USDCAD formed a short term cycle top at 0.9970. Pullback to retest the previous low support at 0.9756 is expected, and this support will more likely be held. Up trend will resume after testing 0.9756 level, and a break above 0.9970 level will signal the resumption of the up trend.
EURUSD Analysis
EURUSD is in consolidation to the up trend. Pullback towards 1.4581 previous low is still possible in a couple of days, and as long as this level holds, we’d expect up trend to continue.
AUDUSD Analysis
AUDUSD may be forming a short term cycle top at 0.8846 level, and further pullback towards 0.8551 is possible. Near term support is at 0.8710, a break below this level will signal the resumption of the down trend.
USDJPY Analysis
USDJPY may be forming a short term cycle bottom at 108.24 level, further rebound towards 111.00 area is expected. Near term support is at 108.24, if gives way, breakdown below 107.21 previous low support can be seen.
GBPUSD Analysis
As expected, GBPUSD broke below 1.9755 previous low support, further fall towards 1.9300 area is now expected. Near term resistance is at 2.0099, as long as this resistance holds, down trend will continue.
USDCHF Analysis
No changed in our view, USDCHF is in down trend. Further fall towards 1.1055 area to reach the next short term cycle bottom on 4-hour chart 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.
Please click the following links for more short term and long term forex analysis.
USDCHF | USDJPY | EURUSD | GBPUSD | USDCAD | AUDUSD
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