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Short Term Analysis – Feb 19, 2008

20080219_eurusd_1.gifEURUSD Analysis.
EURUSD is in up trend. The pullback from 1.4707 is treated as consolidation to the up trend. Further rise to 1.4800 area is still possible after consolidation. Near term support is at the rising price channel, as long as the channel support holds, we’d expect up trend to continue.

20080219_gbpusd_1.gifGBPUSD Analysis.
GBPUSD dropped sharply to 1.9474 level. Further decline to test the previous low support at 1.9386 is still possible in a couple of days. Key resistance is at 1.9737, only break of this level will signal the resumption of the up trend.

20080219_usdchf_1.gifUSDCHF Analysis.
USDCHF formed a short term cycle bottom at 1.0884 on 4-hour chart. However, the rebound from 1.0884 is treated as correction to the down trend. Further fall to test 1.0729 previous low is still possible after correction, and a break below 1.0884 level will confirm such case.

20080219_usdjpy_1.gifUSDJPY Analysis.
No changed in our view, USDJPY is in up trend. The fall from 108.59 is treated as consolidation to the up trend. Further rise towards 110.00 area is still possible after consolidation. Near term support is at 106.98, as long as this support holds, up trend will continue.

20080219_audusd_1.gifAUDUSD Analysis.
AUDUSD is in up trend. Further rally could still be seen to 0.9300 area to reach the next short term cycle top on 4-hour chart. Near term support is at the up trend line from 0.8922 to 0.9002, as long as the trend line support holds, we’d expect up trend to continue.

20080219_usdcad_1.gifUSDCAD Analysis.
USDCAD is testing the previous high resistance at 1.0126, a break of this level will signal the resumption of the up trend, and further rally to1.0300 area is expected to follow. Near term support is at 0.9920, only break of this level will signal the reversal to the up trend.

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