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Short Term Analysis – Apr 15, 2008

20080415_usdchf_1.gifUSDCHF Analysis.
USDCHF trades in a range between 0.9887 and 1.0090 and is forming a short term cycle bottom at 0.9887 level on 4-hour chart. A break above 1.0090 will confirm the cycle bottom and further rise to test 1.0216 is expected to follow.

20080415_usdcad_1.gifUSDCAD Analysis.
USDCAD pulls back from 1.0273 and might be forming a short term cycle top on 4-hour chart. Key support is located at 1.0132, a break of this level will confirm the cycle top and deeper decline to retest 1.0018 is expected to follow. Near term resistance is at 1.0326 and long term resistance is at 1.0378 (Jan 22 high), only break above this level will signal the resumption of the long term up trend.

20080415_usdjpy_1.gifUSDJPY Analysis.
No changed in our view, USDJPY might be forming a short term cycle bottom at 100.02 level. Key resistance is now at 102.25, a break about this level will confirm the cycle bottom and further rise to 105.00 area to reach the next cycle top is expected to follow.

20080415_gbpusd_1.gifGBPUSD Analysis.
GBPUSD is forming a short term cycle top at 1.9894 on 4-hour chart. Key support is now located at 1.9650, a break of this level will confirm the cycle top and deeper decline to test 1.9337 (Jan 22 low) could then be seen.

20080415_audusd_1.gifAUDUSD Analysis.
AUDUSD formed a short term cycle top at 0.9346 level. Deeper decline to retest 0.9031 is now in favor and a break below 1.9205 will confirm such case. Near term resistance is at 0.9346, only break above this level will signal the resumption of the up trend.

20080415_eurusd_1.gifEURUSD Analysis.
Being contained by the up trend line support, EURUSD rebounds from 1.5671. further rise above 1.5913 is still possible after consolidation. Near term support is at the up trend line and long term key support is at 1.5342, a break below this level will signal the reversal to the long term up trend.

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