Short Term Analysis – August 16, 2007

20070816_usdchf_1.gifUSDCHF
USDCHF broke above 1.2163 (July 25 high). The pair is now in up trend. Further rise towards 1.2400 is expected in the next several days. Near term support is at the up trend line, and as long as the trend line support holds, up trend will continue.

20070816_usdjpy_1.gifUSDJPY
USDJPY broke below 117.15 previous low and reached as low as 116.23 so far. Further fall towards 115.50 is still possible later today. Near term resistance is at the price channel, and as long as the channel resistance holds, down trend will continue.

20070816_gbpusd_1.gifGBPUSD
GBPUSD is in down trend. The fall from 2.0652 extended to as low as 1.9834, and further fall towards 1.9700 area is still possible in a couple of days. Near term resistance is at 1.9960, as long as this resistance holds, down trend will continue.

20070816_usdcad_1.gifUSDCAD
As expected, USDCAD broke above 1.0698 previous high. Further rise towards 1.0900 is still possible later today. Near term support is at 1.0725, and as long as this support holds up trend will continue.

20070816_eurusd_1.gifEURUSD
EURUSD is in down trend, the fall from 1.3839 extended to as low as 1.3405, and further fall towards 1.3300 is expected in a couple of days. Near term resistance is at 1.3510, and as long as this resistance holds, down trend will continue.

20070816_audusd_1.gifAUDUSD
AUDUSD is in down trend, the fall form 0.8662 extended to as low as 0.8156 so far. The pair break below the previous low support at 1.8163 (May 29), sideways consolidation will more likely be seen in the next several days.

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