Short Term Analysis – January 04, 2007

USDCHF

20070104_usdchf_1.gifUSDCHF rebounded from 1.2111 and broke above the key resistance at 1.2267, further rise towards 1.2350 level is still possible later today. Key support is now at 1.2111, only break below this level may signal the resumption of the down trend.

EURUSD

20070104_eurusd_1.gifEURUSD pulled sharply back from 1.3296, further fall below 1.3088 to reach the next cycle bottom is still possible in the next several days. Near term support is at the up trend line from 1.3051 to 1.3088 and followed by 1.3088 and 1.3051. Key resistance is at 1.3296, only break above this level may signal the resumption of the up trend.

USDCAD

20070104_usdcad_1.gifNo change in our view, USDCAD is in up trend and further rally towards 1.1800 level is still possible in a couple of days. Near term support is at the up trend line from 1.1429 to 1.1578, now at 1.1643 level, key support is now at 1.1637, only break below this level may signal the reversal to the up trend.

AUDUSD

20070104_audusd_1.gifAUDUSD is topping at 0.7977 on 4 hours chart, near term support is at the up trend line from 0.7805 to 0.7850, now at 0.7881, key support is at 0.7850, and a break below this level may confirm the cycle top. Near term resistance is at 0.7977, only break above this level may signal the resumption of the up trend.

GBPUSD

20070104_gbpusd_1.gifGBPUSD pulled back from 1.9750 and fell below 1.9512, further fall lower to test 1.9433 previous low support is still possible in the next several days. Key resistance is now at 1.9750, only break above this level may signal the resumption of the up trend.

USDJPY

20070104_usdjpy_1.gifUSDJPY broke above the key resistance at 119.21, up trend resumes, and further rise to test the previous high resistance at 119.86 is still possible in the next several days. Near term support is at 118.50, only break below this level may delay the resumption of the up trend.