Short Term Analysis - Feb 28, 2008
EURUSD Analysis.
EURUSD is in up trend and rises sharply to as high as 1.5142. Further rally to 1.5300 area to reach the next short term cycle top is still possible. Near term support is at 1.4980, as long as this support holds, up trend will continue.
USDJPY Analysis.
USDJPY breaks below 106.71 previous low support and reaches as low as 105.94. Further pullback to test the long term support at 104.96 (Jan 23 low) still possible, and this support will more likely be held.
USDCHF Analysis.
USDCHF breaks below 1.0729 (Feb 1 low) and reaches as low as 1.0610. Deeper decline to 1.0400 to reach the next short term cycle bottom on 4-hour chart is still possible. Near term resistance is at 1.0760, as long as this resistance holds, down trend will continue.
USDCAD Analysis.
USDCAD is testing the previous low support at 0.9756 (28 Dec 2007 low), break below this level could still be seen after consolidation and deeper decline to 0.9600 area to reach the next short term cycle bottom on 4-hour chart is expected to follow.
GBPUSD Analysis.
GBPUSD breaks above 1.9957 previous high resistance and reaches as high as 1.9971. The pullback from 1.9971 is treated as consolidation to the up trend. Further rally to 2.0050 area to reach the next short term cycle top is still possible after consolidation.
AUDUSD Analysis.
AUDUSD breaks above 0.9398 (Nov 2007 high) and reaches as high as 0.9456. Further rally to 0.9600 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.
More long term forex analysis.
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