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Short Term Analysis – Jan 22, 2008

20080122_usdjpy_1.gifUSDJPY Analysis
USDJPY broke below 105.90 previous low and reaches as low as 105.60. Further fall towards 105.00 area is expected to follow. As long as 107.91 resistance holds, we’d expect down trend to continue.

20080122_usdcad_1.gifUSDCAD Analysis
No changed in our view, USDCAD is in up trend. The rise from 0.9756 extends to as high as 1.0358. Further rise towards 1.0500 area is still possible in a couple of days. Near term support is at the edge of the rising price channel, and as long as the channel support holds, up trend will continue.

20080122_usdchf_1.gifUSDCHF Analysis
USDCHF broke above 1.1086 previous high and reached as high as 1.1109 level. The pair is now in up trend, and further rise towards 1.1200 area is still possible. Near term support is at 1.1000, as long as this support holds, up trend will continue.

20080122_gbpusd_1.gifGBPUSD Analysis
GBPUSD broke below 1.9481 previous low and reaches as low as 1.9400. Sharply fall towards 1.9200 area is expected to follow. Near term resistance is at 1.9789, as long as this resistance holds, down trend will continue.

20080122_eurusd_1.gifEURUSD Analysis
EURUSD is in down trend, and drops to as low as 1.4411 level sharply. Further fall to test 1.4309 previous low support is still possible in a couple of days. Near term resistance is at the down trend line from 1.4921 to 1.4694, as long as the down trend line resistance holds, down trend will continue.

20080122_audusd_1.gifAUDUSD Analysis
AUDUSD broke below 0.8682 previous low, and reaches as low as 0.8567. Further fall below 0.8551 (Dec 18,2007 low) can be seen after consolidation, and a break below this level will signal the resumption of the long term down trend.

More long term forex analysis.

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