Short Term Analysis – Feb 15, 2008 – Forex Market Analysis

GBPUSD Analysis.
GBPUSD formed a short term cycle bottom at 1.9386 level on 4-hour chart. The rise from 1.9386 extended to as high as 1.9737. Further rally towards 1.9850 area to reach the next cycle top is still possible in a couple of days. Near term support is at 1.9550, as long as this support holds, we’d expect up trend to continue. Key support is at 1.9386, a break below this level will signal the resumption of the long term down trend, and further fall to 1.9000 area could be seen.

USDCHF Analysis.
USDCHF is testing the key support at 1.0932, a break of this level will indicate that the up trend from 1.0729 completed at 1.1105 level, further pullback to 1.0729 previous low could then be seen. Near term resistance is at 1.1105, only break of this level will signal the resumption of the up trend.

USDJPY Analysis.
USDJPY is in up trend. The rise from 104.96 extended to as high as 108.59. Further rise towards 110.00 area is still possible after consolidation. Near term support is at 106.98, as long as this support holds, up trend will continue.

AUDUSD Analysis.
No changed in our view, AUDUSD is forming a sideways consolidation in a range between 0.8873 and 0.9100. Further rise to 0.9300 area is still possible after consolidation, and a break of 0.9100 level will confirm such case.

EURUSD Analysis.
EURUSD formed a short term cycle bottom at 1.4438 level and rebounded to as high as 1.4648. Further rally towards 1.4800 area to reach the next cycle top on 4-hour chart is still possible in a couple of days. Near term support is at the up trend line, as long as the trend line support holds, we’d expect up trend to continue. Key support is at 1.4438, only break of this level will signal the resumption of the down trend.

USDCAD Analysis.
USDCAD might be forming a short term cycle bottom at 0.9936, key resistance is at 1.0042, a break of this level will confirm the cycle bottom, and further rise to test 1.0126 previous high resistance could be seen. Key support is at 0.9871, only break below this level will indicate that down trend is underway, and further pullback to test 0.9756 December low could then be seen.

More long term forex analysis.