Short Term Analysis – Jan 8, 2008

20080108_usdjpy_1.gifUSDJPY Analysis
Being supported by the previous low support at 107.21, USDJPY rebound from 107.89, and further rise towards 112.00 area is still possible. Key support is at 107.21, the pair will find support at 105.00 area if this support gives way.

20080108_usdcad_1.gifUSDCAD Analysis
USDCAD is in up trend. The pullback from 1.0078 is treated as consolidation to the up trend. Further rally towards 1.0248 (Dec 14, 2007 high) is still possible after consolidation. Near term support is at 0.9841, only break below this level will signal the resumption of the down trend.

20080108_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.

20080108_audusd_1.gifAUDUSD Analysis
AUDUSD is in down trend. Further fall towards 0.8551 previous low is expected after consolidation. Key resistance is at 0.8846, only break of this level will indicate lengthier correction to the down trend.

20080108_gbpusd_1.gifGBPUSD Analysis
GBPUSD is in down trend, the fall from 2.0099 extended to as low as 1.9653. Further fall towards 1.9300 area is expected. Near term resistance is at 2.0099, as long as this resistance holds, down trend will continue.

20080108_usdchf_1.gifUSDCHF Analysis
USDCHF broke above the down trend line resistance and formed a short term cycle bottom at 1.1017. Further rebound towards 1.1400 area is still possible. Key support is a t 1.1017, only breakdown below this level will signal the resumption of the down trend.

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