Short Term Analysis – Feb 11, 2008 – Forex Market Analysis

USDCHF Analysis.
USDCHF might be forming a short term cycle top at 1.1102 level on 4-hour chart. Key support is at 1.0932, a breakdown of this level will confirm the cycle top, and deeper decline to test the previous low support at 1.0729 could then be seen. Near term resistance is at 1.1102, only break of this level will indicate that up trend from 1.0729 remains, and further rise towards 1.1200 area could be expected to follow.

USDJPY Analysis.
USDJPY formed a sideways consolation in a range between 104.96 and 107.91. Breakout of 107.91 level would more likely be seen later today, and further rise to 110.00 area could then be seen. Key support is at 104.96, only breakdown of this level will signal the resumption of the down trend.

AUDUSD Analysis.
AUDUSD formed a short term cycle bottom at 0.8873 on 4-hour chart. Sideways consolidation in a range between 0.8873 and 0.9100 could still be seen in a couple of days. Near term support is at 0.8873, breakdown of this level will indicate lengthier correction to the up trend.

EURUSD Analysis.
EURUSD might be forming a short term cycle bottom at 1.4438 level. Key resistance is at 1.4600, a break of this level will confirm the cycle bottom, and rise towards 1.4800 area could then be expected to follow.

USDCAD Analysis.
USDCAD pulled back from 1.0126 sharply. Further decline to test the previous low support at 0.9871 is still possible later today, a breakdown of this level will signal the resumption of the down trend. Key resistance is at 1.0126, break of this level will indicate that the fall from 1.0378 has completed at 0.9871 level, further rise above 1.0378 previous high could then be seen.

GBPUSD Analysis.
GBPUSD is testing the previous low support at 1.9337 level. Further rebound towards 1.9800 area to reach the next cycle bottom on 4-hour chart is expected. Near term support is at 1.9386, a breakdown of this level will signal the resumption of the down trend, and deeper decline below 1.9337 previous low can be seen.

More long term forex analysis.