Archive for March, 2008
Short Term Analysis - Mar 31, 2008
EURUSD Analysis.
EURUSD is testing 1.5902 previous high resistance and formed a sideways consolidation in narrow range between 1.5726 and 1.5859. As long as 1.5902 (Mar 17 low) resistance holds, pullback to retest 1.5342 previous low is expected, only break of 1.5902 level will signal the resumption of the long term up trend.
Short Term Analysis - Mar 28, 2008
USDCHF 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.
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.
Short Term Analysis - Mar 26, 2008
EURUSD rebounded sharply from 1.5342 and formed a short term cycle bottom on 4-hour chart. Further rally to 1.5800 area to reach the next cycle top is still possible in the next several days. However, the rise from 1.5342 is treated correction to the longer term down trend, and a break down of the key support at 1.5342 level will signal the resumption of the down trend.
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Short Term Analysis - Mar 25, 2008
GBPUSD Analysis.
Being contained by the previous low support at 1.9720, GBPUSD formed a short term cycle bottom at 1.9736 level. The pair is in consolidation to the down trend. Deeper decline is still possible after consolidation, and a break of 1.9736 level will indicate that the consolidation has completed and then further fall to retest 1.9337 (Jan 22 low) could be seen.
Short Term Analysis - Mar 24, 2008
EURUSD Analysis.
EURUSD formed a sideways consolidation in a narrow range between 1.5396 and 1.5472. Near term support is at 1.5396, a break down below this level will indicate that the down trend from 1.5902 has resumed, and then further fall to 1.5200 area could be seen. Near term resistance is at 1.5600, as long as this resistance holds, we’d expect down trend to continue.
Short Term Analysis - Mar 21, 2008
EURUSD Analysis.
EURUSD’s down trend remains and extends to as low as 1.5396 level. Deeper decline to 1.5200 area to reach the next short term cycle bottom on 4-hour chart is still possible. Consolidation will more likely be seen before breaking below 1.5145 (Mar 5 low) level. Near term resistance is now at 1.5600 level, as long as this resistance holds, we’d expect down trend to continue.
Short Term Analysis - Mar 20, 2008
USDCHF Analysis.
USDCHF formed a short term cycle bottom at 0.9634 on 4-hour chart. Rebound from 0.9634 is treated as correction to the longer term down trend. Further rise to 1.0200 area to reach the next cycle top is still possible in the next several days. As long as 1.0352 resistance holds, we’d expected down trend to resume. Key support is at 0.9634, a break of this level will signal the resumption of the down trend.
Short Term Analysis - Mar 19, 2008
USDJPY’s down trend from 108.59 extends to as low as 95.77. The rebound from 95.77 suggests that the pair is forming a cycle bottom on daily chart. Consolidation could be seen in a range between 95.77 and 103.59 in the next several days. Key support is at 95.77, only break of this level will signal the resumption of the down trend, and deeper decline to 92.00 area is expected to follow.
For long term analysis, USDJPY broke below the long term support at 101.65 (Jan 2005 low). Further fall to 90.00 area to reach the next cycle bottom on weekly chart is still in favor.
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Short Term Analysis - Mar 18, 2008
USDCAD Analysis.
USDCAD breaks above 0.9981 previous high and further rise to 1.0035 area to reach the next short term cycle top on 4-hour chart is still possible in a couple of days. Near term support is at 0.9796, a break of this level will confirm the cycle top, and indicate that the consolidation from 0.9709 has completed and deeper decline to retest 0.9709 could then be seen.
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