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Short Term Analysis – January 24, 2007

EURUSD

20070124_eurusd_1.gifResistance at 1.2998 is broken above, EURUSD is in up trend, more sharply rise towards 1.3100 level is still possible later today. Near term support is at 1.2921, only break below this level may signal the reversal to the up trend.

GBPUSD

20070124_gbpusd_1.gifAs expected, previous high resistance at 1.9846 is broken above. GBPUSD is in up trend, further rise towards 2.0000 is still possible in the next several days. Near term support is at the bottom of the price channel, and followed by 1.9715, only break below 1.9715 may signal the reversal to the up trend.

AUDUSD

20070124_audusd_1.gifAUDUSD topped at 0.7963 on 4 hours chart, further fall towards 0.7827 level to reach the next cycle bottom is still possible later today. Key resistance is at 0.7936, a break above this level indicate medium term up trend is underway and further rise above 0.7977 previous high can be expected in the next several days.

USDCAD

20070124_usdcad_1.gifUSDCAD is in up trend, and more sharply rise towards 1.1900 can be expected later today. Near term support is at the up trend line from 1.1644 to 1.1697, now at 1.1734, only break below the trend line support may signal the reversal to the up trend.

USDCHF

20070124_usdchf_1.gifKey support at 1.2449 is broken below, USDCHF topped at 1.2546 on 4 hours chart. Further fall below the up trend line from 1.1881 to 1.2111 is possible later today. Near term resistance is at 1.2500, only break above this level may signal the resumption of the up trend.

USDJPY

20070124_usdjpy_1.gifUSDJPY is testing the previous high resistance at 121.77, break above this level may signal the resumption of the up trend, and further rise towards 122.00 can be seen in the next several days. Near term support is at the bottom of the price channel and followed by 121.08, only break below 121.08 can signal the reversal to the up trend.

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