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Short Term Analysis – Mar 28, 2008

20080328_usdchf_1.gifUSDCHF Analysis.
USDCHF is moving to the next cycle bottom on 4-hour chart. Further fall to 0.9800 area is still possible after consolidation. Key resistance is located at 1.0113, a break of this level will confirm the cycle bottom and indicate that the short term down trend from 1.0249 has completed.

20080328_usdcad_1.gifUSDCAD Analysis.
USDCAD formed a sideways consolidation in a range between 1.0094 and 1.0232. Deeper decline to 0.9900 area to reach the next cycle bottom on 4-hour chart is still possible after consolidation and a break of 1.0094 will confirm such case. Key resistance is at 1.0307, only break of this level will signal the resumption of the up trend.

20080328_gbpusd_1.gifGBPUSD Analysis.
GBPUSD’s rebound from 1.9736 extends to as high as 2.0193. The pair might be forming a short term cycle top on 4-hour chart. Key support is located at 1.9926, a break of this level will confirm the cycle top and deeper decline to test 1.9736 previous low support could then be seen.

20080328_eurusd_1.gifEURUSD Analysis.
No changed in our view, 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.

20080328_audusd_1.gifAUDUSD Analysis.
AUDUSD’s rebound from 0.8953 extends to as high as 0.9252. Further rise to 0.9300 area to reach the next cycle top on 4-hour chart is still possible. Key support is at 0.9121, a break of this level will confirm the cycle top and indicate that the short term up trend has completed.

20080328_usdjpy_1.gifUSDJPY Analysis.
No changed in our view, 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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