Short Term Analysis – March 7, 2007

USDCHF

20070307_usdchf_1.gifNo changed in our view, USDCHF is bottoming at 1.2107 on 4 hours chart, key resistance is at 1.2260, a break above this level will confirm the cycle bottom, and further rise towards 1.2300 level can be expected in the next several day. Near term support is at 1.2107, only break below this level may signal the resumption of the down trend.

USDCAD

20070307_usdcad_1.gifThe up trend line support is broken below, USDCAD is topping at 1.1824 on 4 hours chart, key support is at 1.1728, a break below this level will confirm the cycle top and further fall towards 1.1650 can be expected in the next several days.

USDJPY

20070307_usdjpy_1.gifUSDJPY bottomed at 115.13 on 4 hours chart, it will form a consolidation before the resumption of the down trend. Near term resistance is at 117.80. Key support is at 115.13, a break below this level will signal the resumption of the down trend.

GBPUSD

20070307_gbpusd_1.gifGBPUSD bottomed at 1.9183 on 4 hours chart. We have to change our view on the long term analysis, the pair may be bottoming on daily chart and the correction from1.9913 finished at 1.9183 level. More about GBPUSD.

EURUSD

20070307_eurusd_1.gifEURUSD is bottoming at 1.3070 on 4 hours chart, key resistance is at 1.3210, a break above this level will confirm the cycle bottom. Near term support is at 1.3070, only fall below this level may signal the resumption of the down trend.

AUDUSD

20070307_audusd_1.gifAUDUSD broke above the down trend line resistance, and bottomed at 0.7680, further rise towards 0.7800 level can be expected in the next several days. Near term support is at 0.7680, only break below this level may signal the resumption of the down trend.