Short Term Analysis – December 11, 2007

GBPUSD formed a short term cycle bottom at 2.0179 level. Further rally to test the previous high resistance at 2.0830 is still possible in a couple of days. Near term resistance is at the down trend line from 2.1161 (Nov 9 high) to 2.0830, now at 2.0629 level.

The down trend line from 1.4966 to 1.4769 is broken above, EURUSD is forming a short term cycle bottom at 1.4524, key resistance is at 1,4769, a break of this level would confirm the cycle bottom, and further rise towards 1.4966 is expected to follow.

USDJPY broke above 111.21 previous high. Further rise towards 113.00 area to reach the next short term cycle top may be expected. Key support is at 109.55, a break below this level would signal the resumption of the down trend, and pullback to retest the support at 107.21 previous low is expected to follow.

USDCAD is in up trend. The fall from 1.0213 is treated as consolidation to the up trend. Further rise towards 1.0400 is still possible after consolidation. Near term support is at 0.9970, as long as the pair stays above this support, further rally is in favor.

AUDUSD formed a sideways consolidation in a range between 0.8651 and 0.9068 for several weeks. Break of this range is needed, and fall towards 0.8400 area would more likely be seen in the next several days.

USDCHF might be forming a short term cycle top at 1.1351. Pullback towards 1.0890 previous low is possible, and a break below 1.1153 level would confirm such case. Near term resistance is at 1.1351, only break of this level would pull price to 1.1400 area.

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