Short Term Analysis – Mar 21, 2008 – Forex Market Analysis

EURUSD Analysis.
EURUSD’s down trend remains and extends to as low as 1.5396 level. Deeper decline to 1.5200 area to reach the next short term cycle bottom on 4-hour chart is still possible. Consolidation will more likely be seen before breaking below 1.5145 (Mar 5 low) level. Near term resistance is now at 1.5600 level, as long as this resistance holds, we’d expect down trend to continue.

USDCHF Analysis.
USDCHF’s up trend extends to as high as 1.0166. Further rise to test 1.0352 level is still possible next week. Near term support is at the rising price channel now at 1.9940, as long as the channel support holds, we’d expect up trend to continue.

USDCAD Analysis.
USDCAD breaks above 1.0198 (Feb 20 high) resistance and reaches as high as 1.0293 level. Further rally to test 1.0378 (Jan 22 high) is still possible in a couple of days. Near term support is at 1.0010, only break of this level will signal the reversal to current trend.

AUDUSD Analysis.
AUDUSD’s down trend remains and extends to as low as 0.8953. Further fall to 0.8900 area is still possible in a couple of days. Consolidation will more likely be seen before breaking below 0.8873 (Feb 7 low) level. Near term resistance is now at 0.9115, only break of this level will signal consolidation to the down trend.

USDJPY Analysis.
USDJPY formed a sideways consolidation in a range between 97.66 and 100.45. as long as 97.66 support holds, we’d expect up trend to resume and further rise to 102.00 area to reach the next short term cycle top on 4-hour chart is in favor, a break of 100.45 will confirm such case.

GBPUSD Analysis.
GBPUSD is testing the previous low support at 1.9720. Lengthier consolidation could be seen before breaking below this level. Near term resistance is at 2.0085, as long as this resistance holds, we’d expect down trend to resume.

More long term forex analysis.

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