# Short Term Analysis – March 2, 2007

USDCAD is in correction to the down trend, further rise towards 1.1800 is still possible in the next several days. Near term support is at 1.1655, a break below this level may signal the resumption of the down rend.

EURUSD

The up trend line from 1.2939 to 1.3079 is broken below, EURUSD topped at 1.3258 on 4 hours chart. The pair is now in correction to the up trend, further fall to test the previous low support at 1.3079 can be expected next week. Near term resistance is at 1.3258, a break above this level may signal the resumption of the up trend.

USDJPY

USDJPY is in down trend, the fall from 121.61 extended to as low as 116.94, and further fall towards 116.00 level is still possible in the next several days. Key resistance is at 118.84, only break above this level may delay the resumption of the down trend.

GBPUSD

GBPUSD topped at 1.9672 on 4 hours chart. Near term support is at 1.9516, down trend will resume after breaking below 1.9516 level. Near term resistance is at 1.9672, if gives way, further rise towards 1.9746 previous high can be expected.

AUDUSD

AUDUSD is testing the price channel support, if gives way, further fall towards 0.7800 level can be seen in the next several days. Near term resistance is at 0.7895, only break above this level may delay the resumption of the down trend.

USDCHF

USDCHF is in down trend, the rise from 1.2142 is treated as in correction to the down trend. Near term support is at 1.2142, a break below this level will signal the resumption of the down trend and fall to 1.2100 can be seen.