Short Term Analysis – May 9, 2007

20070509_usdjpy_1.gifUSDJPY
USDJPY is in up trend. The fall from 120.46 was limited by the price channel, and the pair rebounded from 119.52. Further rise above 120.46 can be expected in a couple days. Near term support is at the price channel and followed by 119.52, only break below 119.52 level will delay the resumption of the up trend.

20070509_usdcad_1.gifUSDCAD
USDCAD is in down trend. The fall from 1.1852 extended to as low as 1.1004. Further fall towards 1.0930 (May 31, 2006 low) is still in favor. Key resistance is at 1.1142, only break above this level will signal the reversal to the down trend.

20070509_usdchf_1.gifUSDCHF
Key resistance at 1.2188 is broken above, USDCHF bottomed at 1.2079 on 4 hours chart. Further rise towards 1.2282 (Apr 9 high) can be seen. Near term support is at the up trend line from 1.2004 to 1.2079, as long as the trend line support holds, up trend will continue.

20070509_gbpusd_1.gifGBPUSD
GBPUSD is in down trend, sharply fall towards 1.9600 can be expected after breaking below 1.9843 previous low. Near term resistance is at 1.9974, only break above this level will delay the resumption of the down trend.

20070509_audusd_1.gifAUDUSD
AUDUSD broke above the down trend line resistance and reached as high as 0.8308. Further rise towards 0.8350 area is still possible later today. Key resistance is at 0.8392, only break above this level will signal the resumption of the up trend.

20070509_eurusd_1.gifEURUSD
EURUSD broke below the previous low support at 1.3535 and reach as low as 1.3515. More sharply fall towards 1.3400 level can be expected in a couple of day. Near term resistance is at the down trend line, and followed by 1.3627.