Short Term Analysis – September 7, 2007

20070907_usdcad_1.gifUSDCAD
USDCAD is in down trend, the rise from 1.0480 is treated as consolidation to the down trend. Further fall below 1.0461 (Aug 8 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 1.0581, and followed by 1.0676, a break above 1.0676 level will signal the resumption of the up trend.

20070907_usdjpy_1.gifUSDJPY
No changed in our view, 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.

20070907_eurusd_1.gifEURUSD
EURUSD is testing 1.3719 key resistance, if gives way, further rise towards 1.3800 is expected to follow. As long as 1.3719 resistance holds, the rise from 1.3550 is treated as correction to the down trend, and fall towards 1.3360 (Aug 16 low) is still possible.

20070907_gbpusd_1.gifGBPUSD
GBPUSD broke above 2.0232 previous high, further rise towards 2.0350 to reach the next cycle top on 4 hours chart is expected. Near term support is at 2.0042, only break below this level will signal the reversal to the up trend.

20070907_usdchf_1.gifUSDCHF
No changed in our view, 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.

20070907_audusd_1.gifAUDUSD
AUDUSD is forming a sideways consolidation in a range between 0.8050 and 0.8334. Rise above 0.8334 to reach the next cycle top on 4 hours chart is still in favor. Key support is at 0.8182, only break below this level will indicate lengthier correction to the up trend.

Sponsors
Forex Articles
Forex Reviews
Tax Back

Want to be sponsor