# Short Term Analysis – March 1, 2007

USDCAD’s correction to the down trend is underway, further rise towards 1.1760 level to reach the next cycle top is still possible in the next several days. Near term support is at 1.1655 and key support is at 1.1585, only break below 1.1685 may signal the resumption of the down trend.

EURUSD

EURUSD is in up trend and more sharply rise above 1.3296 (the day high of Jan 2) is still possible later today. Near term support is at the up trend line from 1.2939 to 1.3079, now at 1.3160, only break below the trend line support will delay the resumption of the up trend.

USDJPY

USDJPY is in down trend, the rise from 117.47 is treated as in correction to the down trend. Near term support is at 117.47, a break below this level will signal the resumption of the down trend. Near term resistance is 118.96 previous low.

GBPUSD

Being contained by the previous high resistance at 1.9678, GBPUSD topped at 1.9672 level on 4 hours chart, and down trend will resume by breaking below 1.9516. Near term resistance is at 1.9672, break above this level indicate lengthy correction to the downtrend is underway, and further rise towards 1.9746 previous high can be expected.

AUDUSD

AUDUSD is in down trend, further fall towards 0.7707 previous low can be expected after a slightly correction. Key resistance is at 0.7944, only break above this level may signal the resumption of the up trend.

USDCHF

USDCHF is in down trend, more sharply decline towards 1.2100 can be expected in the next several days. Near term resistance is at 1.2309, only break above this level may signal the reversal to the down trend.