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Archive for February, 2008

Short Term Analysis – Feb 29, 2008

Friday, February 29th, 2008

20080229_gbpusd_1.gifGBPUSD Analysis.
GBPUSD is in up trend. 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. Key support is now at 1.9760, a break below this level will indicate that the consolidation from 1.9337 (Jan 22 low) to the long term down trend has completed, and further fall to retest 1.9337 previous low will be expected to follow.

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Short Term Analysis – Feb 28, 2008

Thursday, February 28th, 2008

20080228_eurusd_1.gifEURUSD 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.

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Short Term Analysis – Feb 27, 2008

Wednesday, February 27th, 2008

20080227_eurusd_1.gifAs expected, EURUSD breaks above 1.4966 (23 Nov 2007 high) and reaches as high as 1.5047. Further rise to 1.5300 area to reach the next cycle top on daily chart is still possible. Near term support is at 1.4750, as long as this support holds, we’d expect up trend to continue.

For long term analysis, EURUSD is moving to the next cycle top on weekly chart, and the next cycle top is nearing. Long term key support is now at 1.4438, a break below this level will indicate that the long term up trend from 1.1639 (Nov 2005 low) has completed, and pull back to 1.3000 area is expected to follow.

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Short Term Analysis – Feb 26, 2008

Tuesday, February 26th, 2008

20080226_eurusd_1.gifEURUSD Analysis.
EURUSD is in up trend. The fall from 1.4861 is treated as consolidation to the up trend. Further rally to test 1.4951 previous high resistance is still possible after consolidation, and a break of 1.4861 level will signal the resumption of the up trend. Near term support is at 1.4750 followed by the up trend line from 1.4438 to 1.4613, as long as the trend line support holds, up trend will continue.

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Short Term Analysis – Feb 25, 2008

Monday, February 25th, 2008

20080225_usdjpy_1.gifUSDJPY Analysis.
USDJPY is in up trend. The fall from 108.59 is treated as 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 now at the price channel, as long as the channel support holds, we’d expect up trend to continue.

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Short Term Analysis – Feb 22, 2008

Friday, February 22nd, 2008

20080222_usdchf_1.gifUSDCHF Analysis.
USDCHF broke below the previous low support at 1.0884 and reached as low as 1.0865 level. Further fall to test 1.0729 (Feb 1 low) could still be seen next week. Near term resistance is at 1.1031, as long as this resistance holds, we’d expect down trend to continue. Key resistance is at 1.1105, only break of this level will indicate lengthier correction to the long term down trend.

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Short Term Analysis – Feb 21, 2008

Thursday, February 21st, 2008

20080221_usdcad_1.gifUSDCAD 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.

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Short Term Analysis – Feb 20, 2008

Wednesday, February 20th, 2008

20080220_usdchf_1.gifUSDCHF is forming a cycle top at 1.1105 level on daily chart, key support is now at 1.0884 level, a break of this level will confirm the cycle top, and further fall to test the previous low support at 1.0729 could then be seen. Near term resistance is at 1.1105, only break of this level will indicate lengthier correction to the long term down trend.

For long term analysis, USDCHF is in long term down trend, further fall towards 0.9000 to reach the next cycle bottom on weekly chart is expected.

More long term forex analysis.

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Short Term Analysis – Feb 19, 2008

Tuesday, February 19th, 2008

20080219_eurusd_1.gifEURUSD Analysis.
EURUSD is in up trend. The pullback from 1.4707 is treated as consolidation to the up trend. Further rise to 1.4800 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.

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Short Term Analysis – Feb 18, 2008

Monday, February 18th, 2008

20080218_gbpusd_1.gifGBPUSD Analysis.
GBPUSD formed a short term cycle top at 1.9737 on 4-hour chart. Further pullback to test the previous low support at 1.9386 is still possible in a couple of days. Near term resistance is at 1.9737, only break of this level will signal the resumption of the up trend.

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