Short Term Analysis – Mar 20, 2008 – Forex Market Analysis

USDCHF Analysis.
USDCHF formed a short term cycle bottom at 0.9634 on 4-hour chart. Rebound from 0.9634 is treated as correction to the longer term down trend. Further rise to 1.0200 area to reach the next cycle top is still possible in the next several days. As long as 1.0352 resistance holds, we’d expected down trend to resume. Key support is at 0.9634, a break of this level will signal the resumption of the down trend.

USDCAD Analysis.
USDCAD is testing 1.0198 (Feb 20 high) resistance, if this resistance gives way, further rally to test 1.0378 (Jan 22 high) is expected to follow. Near term support is at 1.0010, as long as this support holds, we’d expect up trend to continue.

AUDUSD Analysis.
AUDUSD is now in down trend. Further fall to 0.8900 area is still possible in a couple of days. Near term resistance is now at 0.9353, as long as this resistance holds, we’d expect down trend to continue.

USDJPY Analysis.
USDJPY formed a short term cycle bottom at 95.77 on 4-hour chart. Further rebound to 103.00 area to reach the next cycle top is still possible. Key support is at 95.77, only break of this level will signal the resumption of the down trend.

EURUSD Analysis.
EURUSD formed a short term cycle top at 1.5902 on 4-hour chart. Further pullback to 1.5340 area is expected. Key resistance is at 1.5902, a break of this level will signal the resumption of the up trend.

GBPUSD Analysis.
GBPUSD formed a short term cycle top at 2.0391 level and is now in down trend. Deeper decline to retest 1.9337 (Jan 22 low) is still possible. Near term resistance is at 2.0150, as long as this resistance holds, we’d expect down trend to continue.

More long term forex analysis.

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