USDCHF formed a short term cycle bottom at 0.9995 on 4-hour chart. Further rise to 1.0500 area to reach the next cycle top is still possible next week. Initial support is at 1.0165, as long as this support holds, up trend will continue. http://blog.forexcycle.com/752/short...s-apr-25-2008/
USDJPY broke above 104.64 previous high and up trend resumed. Further rise towards 107.00 area to reach the next short term cycle top is possible. Initial support is at 103.33, as long as this support holds, up trend will continue. http://blog.forexcycle.com/753/short...s-apr-28-2008/
USDCHF traded in a narrow range between 1.0298 and 1.0430. further rally to 1.0600 area to reach the next short term cycle top is still in favor after consolidation, and a break of 1.0430 will signal the resumption of the up trend. Initial support is at 1.0298 and followed by 1.0165, as long as 1.0165 support holds, up trend will continue. http://blog.forexcycle.com
AUDUSD formed a short term cycle top at 0.9541. The fall from 0.9541 could possibly be resumption of the down trend and a break of 0.9290 level will confirm such case. Initial resistance is now at 0.9541, only rise above this level will indicate that the up trend from 0.8953 (Mar 20 low) is underway, and then further rally towards 0.9600 is expected to follow. http://blog.forexcycle.com/755/daily...is-may-1-2008/
USDCAD formed a short term cycle bottom at 1.0036 level on 4-hour chart. Further rally to retest 1.0326 (Apr 1 high) key resistance is expected, and a break of this level will signal resumption of the long term up trend. http://blog.forexcycle.com/756/daily...is-may-2-2008/
Being contained by the previous low support at 1.5342 (Mar 24 low), EURUSD rebounded at 1.5360. Further rise to test 1.5643 is possible in a couple of days. As long as 1.5643 resistance holds, we’d expect down trend to resume, and fall towards 1.5000 area is in favor after consolidation. http://blog.forexcycle.com/757/daily...is-may-6-2008/
Being contained by the support of the up trend line from 95.77 (Mar 17 low) to 100.30 (Apr 14 low), USDJPY rebounds from 104.02 and is forming a short term cycle bottom on 4-hour chart. Further rise to 108.00 area is expected after consolidation, and a break above 105.70 previous high will confirm such case. Initial support is at the mentioned up trend line, and key support is at 102.67, only break of this level will signal reversal to the up trend. http://blog.forexcycle.com/758/daily...is-may-7-2008/
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