Short Term Analysis – September 6, 2007

20070906_usdjpy_1.gifUSDJPY
USDJPY topped at 116.46 on 4 hours chart, further fall below 113.86 previous low to reach the next cycle bottom can be seen in a couple of days. Near term resistance is at 116.46, only break above this level will signal the resumption of the up trend.

20070906_usdcad_1.gifUSDCAD
No changed in our view, USDCAD topped at 1.0676 on 4 hours chart. Further fall below 1.0469 previous low to reach the next cycle bottom is expected. Key support is at 1.0339 (Jul 24 low), and this support will more likely be held. Near term resistance is at 1.0676, a break above this level will signal the resumption of the up trend.

20070906_eurusd_1.gifEURUSD
EURUSD topped at 1.3719, the rise from 1.3550 is treated as correction to the down trend and a break below 1.3550 will signal the resumption to the down trend. Near term resistance is at 1.3719, if gives way, rise towards 1.3750 area can be seen.

20070906_gbpusd_1.gifGBPUSD
GBPUSD is testing the resistance at 2.0232, a break above this level will signal the resumption of the up trend and rise towards 2.0450 area can be seen. Near term support is at 2.0042, down trend will be confirm after breaking below this level.

20070906_usdchf_1.gifUSDCHF
USDCHF topped at 1.2150 on 4 hours chart. Further fall towards 1.1959 to reach the next cycle bottom is expected to follow. Key resistance is at 1.2150, a break above this level will signal the resumption of the up trend.

20070906_audusd_1.gifAUDUSD
AUDUSD is forming a sideways consolidation in a range between 0.8050 and 0.8334. Rise above 0.8334 is still in favor. Near term support is at 0.8050, only break below this level will indicate lengthier correction to the up trend.

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