Short Term Analysis – December 24, 2007

As expected, USDJPY broke above 113.60 previous high and reached as high as 114.19. Further rally towards 115.00 area is expected. Key support is at 112.73, as long as this support holds, up trend will continue.

USDCAD is in down trend, and the fall from 1.0248 extended to as low as 0.9910. Further decline towards 0.9500 area to reach the next cycle bottom is still possible. Near term resistance is at the down trend line, and as long as the trend line resistance holds, down trend will continue.

GBPUSD’s down trend remains, and the fall from 2.0577 extended to as low as 1.9808. Further decline towards 1.9700 area is still possible later today. Near term resistance is at the falling trend line, now at 1.9977, only break of the trend line resistance will signal consolidation to the down trend.

EURUSD is forming a sideways consolidation to the down trend. Further decline towards 1.4000 area can be seen after consolidation. Near term resistance is at 1.4485, as long as the pair stays below this level, down trend will continue.

AUDUSD is in down trend, and the rebound from 0.8551 is treated as correction to the down trend. Decline towards 0.8400 is still in favor after correction, and a break below 0.8551 will signal the resumption of the down trend.

USDCHF is in consolidation to the up trend. Further rally towards 1.1800 is still possible after consolidation. Near term support is at 1.1477 and followed by the up trend line from 1.1153 to 1.1233.

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