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Short Term Analysis – Jan 29, 2008

20080129_eurusd_1.gifEURUSD Analysis
EURUSD is moving towards 1.4900 area to reach the next short term cycle top on 4-hour chart, and the cycle top is nearing. Pullback from 1.4921 previous high resistance can be seen, a break below 1.4660 key support will confirm the cycle top, and fall towards 1.4400 area is expected to follow.

20080129_usdjpy_1.gifUSDJPY Analysis
USDJPY formed a short term cycle bottom at 104.96 level on 4-hour chart. Further rebound towards 109.00 area is still possible. Key support is at 104.96, only break below this level will signal the resumption of the down trend.

20080129_usdcad_1.gifUSDCAD Analysis
USDCAD is in down trend. Further decline towards 0.9885 area to reach the next short term cycle bottom is expected in a couple of days. Key resistance is at 1.0378, only break of this level will signal the resumption of the up trend.

20080129_usdchf_1.gifUSDCHF Analysis
Being supported by the previous low at 1.0836, USDCHF rebounded from 1.0845 level. Further rise towards 1.1200 area to reach the next short term cycle top on 4-hour chart is still possible, and a break above 1.0987 previous high is needed to confirm such case.

20080129_gbpusd_1.gifGBPUSD Analysis
GBPUSD is in up trend. Further rise towards 2.0000 area to reach the next cycle top is still possible. Near term support is at 1.9731, only breakdown below this level will signal consolidation to the up trend.

20080129_audusd_1.gifAUDUSD Analysis
AUDUSD formed a short term cycle bottom at 0.8512 level on 4-hour chart. Further rebound towards 0.9000 area to reach the next short term cycle top is expected in a couple of days. Near term support is at 0.8512, only break below this level will signal the resumption of the down trend.

More long term forex analysis.

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