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Short Term Analysis – Jan 21, 2008

20080121_usdcad_1.gifUSDCAD Analysis
USDCAD is in up trend. The rise from 0.9756 extended to as high as 1.0307. Further rise towards 1.0500 area is still possible, and a break above 1.0307 level will confirm such case. Near term support is at the edge of the rising price channel, and as long as the channel support holds, up trend will continue.

20080121_usdchf_1.gifUSDCHF Analysis
USDCHF formed a short term cycle bottom at 1.0836 on 4-hour chart. Further rise towards 1.1200 area is still possible. Keys support is at 1.0950, a break below this level will signal the resumption of the down trend.

20080121_gbpusd_1.gifGBPUSD Analysis
GBPUSD formed a short term cycle top at 1.9789 on 4-hour chart. Further fall towards 1.9200 area is expected, and a break below 1.9481 previous low will signal the resumption of the down trend.

20080121_eurusd_1.gifEURUSD Analysis
EURUSD is in down trend. The fall from 1.4921 extends to 1.4544 so far. Further pullback towards 1.4450 area to reach the next cycle bottom is still possible. Key resistance is at 1.4921, only break of this level will signal the resumption of the up trend.

20080121_usdjpy_1.gifUSDJPY Analysis
USDJPY formed a short term cycle bottom at 105.90 on 4-hour chart. Further rebound towards 109.50 area to reach the next cycle top is still possible in a couple of days. Near term support is at 105.90, only breakdown of the level will signal the resumption of the down trend.

20080121_audusd_1.gifAUDUSD Analysis
Being supported by the previous low at 0.8682, AUDUSD rebounded from 0.8699 level. Further rise towards 0.8900 area is still possible in a couple of days. Key support is at 0.8682, a break below this level will signal the resumption of the long term down trend.

More long term forex analysis.

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