Forex Market Technical Analysis

August 29, 2007

EURUSD

EURUSD might be topping at 1.3684 on daily chart, and fall below 1.3360 to reach the next cycle bottom on daily chart is in favor. Near term resistance is at 1.3684, further rise towards 1.3750 can be seen if 1.3684 resistance gives way. For long term analysis, EURUSD is in sideways consolidation to the long term up trend and will move without trend in a range between 1.3262 and 1.3851. Up trend will resume after consolidation and rise towards 1.4500 to reach the next cycle top on weekly chart is still possible.

GBPUSD

GBPUSD pulled back from the down trend line resistance, further fall towards 1.9500 to reach the next cycle bottom on daily chart is still possible. Near term resistance is at 2.0191, further rise towards 2.0350 area can be seen if 2.0191 resistance gives way. For long term analysis, GBPUSD is in correction to the long term up trend, and further fall towards 1.9400 to reach the next cycle bottom is still possible in a couple of weeks.

AUDUSD

AUDUSD bottomed at 0.7675 on daily chart. Further rise towards 0.8500 is expected. The fall from 0.8334 is treated as correction to the short term up trend, and further pull back towards 0.7950 area is still possible later today. For long term analysis, AUDUSD topped at 0.8870 on weekly chart. Further fall towards 0.7200 area to reach the next cycle bottom is expected to follow.

USDJPY

No changed in our view, USDJPY is in down trend, and further fall towards 110.00 is still possible after consolidation. Near term resistance is at the down trend line, as long as the trend line resistance holds, down trend will continue. Near term support is at 111.59, a break below this level will signal the resumption of the down trend. On the other side, USDJPY might be bottoming at 111.59 level on daily chart, key resistance is at the down trend line, a break above the trend line resistance will confirm the cycle bottom. For long term analysis, USDJPY topped at 124.13 on weekly chart, and further fall towards 108.00 area to reach the next cycle bottom is still possible. On the other side, USDJPY might be bottoming at 111.59 on weekly chart and the fall from 124.13 might completed at this level if the down trend line on daily chart is broken above.

USDCHF

USDCHF is in correction to the up trend. The fall from 1.2214 extended to as low as 1.1959, and the correction might be completed at this level. Up trend will resume after correction, and a break above 1.2110 level will signal the resumption of the up trend. For long term analysis, USDCHF is in correction to the long term down trend. Further rise towards 1.2468 previous high can be seen in the next several weeks. Down trend will resume after correction and fall towards 1.1500 area is still possible.

USDCAD

Being support by 1.0461 previous low, USDCAD bonded from 1.0469 level. Further rise above 1.0866 previous high is expected to follow in the next several days. Near term support is at 1.0461, only break below this level will indicate lengthier correction to the up trend is under way. For long term analysis, the pair broke above 1.0757 long term key resistance, and bottomed at 1.0339 on weekly chart. The fall from 1.1874 (Feb 8 high) has completed, and rise towards 1.1500 is expected.

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