Short Term Analysis – Jan 7, 2008

20080107_usdcad_1.gifUSDCAD Analysis
USDCAD broke above 0.9970 previous high resistance and reached as high as 1.0042. Further rise towards 1.0248 (Dec 14, 2007 high) is still possible in a couple of days. Near term support is at 0.9841, only break below this level will signal the resumption of the down trend.

20080107_eurusd_1.gifEURUSD Analysis
No changed in our view, EURUSD is in consolidation to the up trend. Pullback towards 1.4581 previous low is still possible in a couple of days, and as long as this level holds, we’d expect up trend to continue.

20080107_audusd_1.gifAUDUSD Analysis
As expected, AUDUSD broke below 0.8710 key support and down trend resumed. Further fall towards 0.8551 previous low is expected to follow in a couple of days. Key resistance is at 0.8846, only break of this level will indicate lengthier correction to the down trend.

20080107_usdjpy_1.gifUSDJPY Analysis
USDJPY is testing the previous low support at 107.21, the pair will find support at 105.00 area if this support gives way. On the other side, 107.21 level will more likely be held, and rise towards 114.00 is in favor.

20080107_gbpusd_1.gifGBPUSD Analysis
GBPUSD is in down trend, the fall from 2.0099 extended to as low as 1.9673. Further fall towards 1.9300 area is now expected. Near term resistance is at 2.0099, as long as this resistance holds, down trend will continue.

20080107_usdchf_1.gifUSDCHF Analysis
USDCHF is in down trend. Further fall towards 1.0950 area to reach the next short term cycle bottom on 4-hour chart 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.

More long term forex analysis.

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