Short Term Analysis – Apr 11, 2008 – Forex Market Analysis

USDCAD Analysis.
USDCAD is moving to the next short term cycle top on 4-hour chart and the rise from 1.0018 is treated as correction to the down trend. Key resistance at 1.0326 will more likely be held and pullback to retest 1.0018 is expected after correction. As long as 1.0326 resistance holds, we’d expect down trend to resume and a break of 1.0105 key support will signal the resumption of the down trend.

USDJPY Analysis.
Being contained by the price channel support, USDJPY rebounded from 100.02 and formed a short term cycle bottom on 4-hour chart. Further rally to retest 102.94 is expected in the next several days. Near term support is at 100.02, only break below this level will signal the resumption of the down trend.

GBPUSD Analysis.
GBPUSD pulled back from 1.9841. Deeper decline to test 1.9337 (Jan 22 low) is expected in the next several days, and a break of 1.9650 will signal the resumption of the down trend. Near term resistance is at 1.9841, only rise above this level will indicate lengthier correction to the down trend.

AUDUSD Analysis.
AUDUSD is testing the resistance at 0.9353, rise above this level to reach the next short term cycle top on 4-hour chart is still possible. Near term support is at the price channel and key support is at 0.9261, a break of this level will signal the reversal to the up trend.

EURUSD Analysis.
EURUSD broke above 1.5902 (Mar 17 high) and pulled back sharply from 1.5913. Sideways consolidation will more likely be seen in the next several days. Near term resistance is at 1.5913, a break of this level will signal the resumption of the up trend.

USDCHF Analysis.
USDCHF failed to test 0.9870 support and rebounded from 0.9887 level. A short term cycle bottom has been formed and further rise to test 1.0216 previous high is expected in the next several days. Only break down below 0.9887 will signal the resumption of the down trend.

More long term forex analysis.

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