Short Term Analysis – January 16, 2007

GBPUSD

20070116_gbpusd_1.gifGBPUSD is in up trend, further rise towards 1.9750 previous high to reach the next cycle top can be expected in the next several days. Near term support is at 1.9500, only break below this level may signal the reversal to the up trend.

EURUSD

20070116_eurusd_1.gifThe down trend line resistance is broken above, EURUSD may be bottoming on 4 hours chart, key resistance is at 1.3014, a break above this level may confirm the cycle bottom. Near term support is at 1.2865, break below this level may signal the resumption of the down trend.

AUDUSD

20070116_audusd_1.gifAUDUSD rose above 0.7850 and reached 0.7858 high. Pullback towards the bottom of price channel can be expected later today. Near term resistance is at 0.7858, if gives way, further rise to 0.7870 level is can be seen.

USDCAD

20070116_usdcad_1.gifUSDCAD topped at 1.1802 on 4 hours chart, and it is now in down trend. Further fall towards 1.1576 previous low is possible in the next several days. Key resistance is at 1.1802, only break above this level may signal the resumption of the up trend.

USDJPY

20070116_usdjpy_1.gifUSDJPY is in up trend, further rally towards 121.38 (the day high of Dec 5, 2005) can be expected in the next several days. Near term support is at the bottom of the price channel, and as long as the channel support holds, up trend will continue.

USDCHF

20070116_usdchf_1.gifUSDCHF may be topping at 1.2528 on 4 hours chart, key support is at 1.2443, a break below this level may confirm the cycle top. Near term resistance is at 1.2528, only break above this level may signal the resumption of he up trend.

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