Short Term Analysis - Mar 27, 2008
USDCAD Analysis.
Being contained by the previous high resistance at 1.0378 (Jan 22 high), USDCAD formed a short term cycle top at 1.0307 level, and the up trend from 0.9709 (Feb 28 low) might be completed at 1.0307 level. Further pullback to 1.0000 area to reach the next cycle bottom on 4-hour chart is still possible in a couple of days. Key resistance is at 1.0307, only break of this level will signal the resumption of the up trend.
GBPUSD Analysis.
GBPUSD is in correction to the down trend. As long as 2.0391 resistance holds, we’d expect down trend to resume and deeper decline is still possible after correction. Key support is now located at 1.9926, a break of this level will signal the resumption of the down trend.
EURUSD Analysis.
EURUSD is testing 1.5902 previous high resistance. Sideways consolidation could be seen before breaking above this level. A break of 1.5902 level will signal the resumption of the long term up trend, and further rise to 1.6500 area is expected to follow.
USDCHF Analysis.
USDCHF formed a short term cycle top at 1.0249 level. As long as 1.0113 resistance holds, deeper decline to 0.9700 area to reach the next cycle bottom on 4-hour chart could be seen in a couple of days.
AUDUSD Analysis.
AUDUSD is in correction to the down trend. As long as 0.9353 resistance holds, we’d expect down trend to resume, and deeper decline could be seen after correction. Near term support is at 0.9121, a break down of this level will signal the resumption of the down trend.
USDJPY Analysis.
USDJPY formed a short term cycle top at 101.03. Deeper decline to 97.00 area to reach the next cycle bottom on 4-hour chart is still possible in a couple of days. Key resistance is at 101.03, a break above this level will signal the resumption of the up trend, and then further rise to test previous high resistance at 103.59 could be seen.
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