Short Term Analysis – Mar 24, 2008 – Forex Market Analysis

EURUSD Analysis.
EURUSD formed a sideways consolidation in a narrow range between 1.5396 and 1.5472. Near term support is at 1.5396, a break down below this level will indicate that the down trend from 1.5902 has resumed, and then further fall to 1.5200 area could be seen. Near term resistance is at 1.5600, as long as this resistance holds, we’d expect down trend to continue.

USDCHF Analysis.
USDCHF is in up trend. The pullback from 1.0166 is treated as consolidation to the up trend. Further rise to test 1.0352 level is still possible in the next several days, and a break of 1.0166 level will confirm such case. Near term support is at the rising price channel now at 1.0020, as long as the channel support holds, we’d expect up trend to continue.

USDCAD Analysis.
USDCAD rise sharply to as high as 1.0293 level last week. 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 the rebound from 0.8953 is treated as consolidation to the down trend. Deeper decline to 0.8800 area is still possible after consolidation, a break below 0.8953 will signal the resumption of the down trend.

USDJPY Analysis.
No changed in our view, 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.

Trade with the best.