Short Term Analysis - Feb 21, 2008
USDCAD Analysis.
USDCAD is forming a short term cycle top at 1.0198 level. Sideways consolidation is expected in a couple of days. Near term resistance is at 1.0198, a break of the level will signal the resumption of the up trend. Near term support is at the up trend line from 0.9920 to 1.0021, key support is at 1.0021, only break of this level will signal the reversal to the up trend.
EURUSD Analysis.
EURUSD broke below the rising price channel support and is in consolidation to the up trend. Further rise to test the previous high resistance at 1.4951 is still possible after consolidation, and a break of 1.4756 will confirm such case.
GBPUSD Analysis.
GBPUSD is testing the key support at 1.9337 (Jan 22 low), further fall towards 1.9000 area could be seen if this support gives way. Near term resistance is at 1.9550 level, a break of this level will indicate lengthier consolidation to the long term down trend, and rebound to1.9800 area is expected to follow.
USDCHF Analysis.
USDCHF topped at 1.1105 and the rise from 1.0729 has completed. Decline to test 1.0729 previous low support could be seen in a couple of days, and a break of 1.0884 level is needed to confirm such case.
USDJPY Analysis.
USDJPY is in consolidation to the up trend. Further rise towards 110.00 area to reach the next short term cycle top on 4-hour chart is still possible after consolidation. Near term support is at 106.98, as long as this support holds, up trend will continue.
AUDUSD Analysis.
AUDUSD is in up trend. The fall form 0.9236 is treated as consolidation to the up trend. Further rally to test 0.9398 (Nov 7, 2007 high) is still possible after consolidation, and a break of 0.9236 will signal the resumption of the up trend. Near term support is at the price channel, as long as the channel support holds, up trend will continue.
More long term forex analysis.
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