Short Term Analysis – January 11, 2007

AUDUSD

20070111_audusd_1.gifAUDUSD is in correction to the down trend, further rise towards 0.7850 previous high to reach the next cycle top on 4 hours chart is possible later today. Near term support is at 0.7759, a break below this level may signal the resumption of the down trend.

USDJPY

20070111_usdjpy_1.gifKey resistance at 119.67 is broken above, USDJPY has stared its long term bullish movement. Further rise towards 121.38 (the day high of December 5, 2005) can be expected in the next several weeks.

USDCAD

20070111_usdcad_1.gifUSDCAD is in correction to the up trend, further fall below 1.1718 to reach the next cycle bottom on 4 hours chart is possible later today. Up trend will resume after this correction and rise above 1.1796 can be expected in the next several days. Near term support is at 1.1710 and followed by 1.1650.

GBPUSD

20070111_gbpusd_1.gifGBPUSD bottomed at 1.9260 and further rise above 1.9454 to reach the next cycle top on 4 hours chart can be expected in the next several days. Near term support is at 1.9260, a break below this level may signal the resumption of the down trend.

USDCHF

20070111_usdchf_1.gifUSDCHF is in up trend, further rise towards 1.2500 is still possible later today. Near term support is at the bottom of the price channel, and followed by 1.2401, only break below 1.2401 level may signal the reversal of the up trend.

EURUSD

20070111_eurusd_1.gifEURUSD is in down trend, further fall towards 1.2900 is still possible later today. Near term resistance is at 1.3000, key resistance is at 1.3051, only break above the key resistance may signal the reversal to the down trend.