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Short Term Analysis – January 30, 2007

EURUSD

20070130_eurusd_1.gifEURUSD broke above the down trend line resistance and bottomed at 1.2876 on 4 hours chart. The rebound from 1.2876 is treated as in correction to the down trend, further fall below 1.2876 can be expected after this correction. Near term resistance is at 1.3000 and followed by 1.3042. Key support is at 1.2876, a break below this level may signal the resumption of the down trend.

USDCHF

20070130_usdchf_1.gifUSDCHF is in up trend, further rise towards 1.2600 is still possible in a couple of days. Near term support is at the up trend line, as long as the trend line support holds, up trend will continue. Near term resistance is at 1.2563, a break above this level may signal the resumption of the up trend.

USDCAD

20070130_usdcad_1.gifKey resistance at 1.1841 is broken above, USDCAD bottomed at 1.1729 on 4 hours chart. Further rise towards 1.1900 can be seen in the next several days. Near term support is at 1.1780 and followed by 1.1729, only fall below 1.1729 may signal the reversal to the up trend.

AUDUSD

20070130_audusd_1.gifAUDUSD may be bottoming at 0.7707 on 4 hours chart, rebound towards 0.7800 level to reach the next cycle top can be expected in the next several days. Near term support is at 0.7707, break below this level may signal the resumption of the down trend.

GBPUSD

20070130_gbpusd_1.gifGBPUSD is in down trend, further fall towards 1.9500 is still possible in a couple of days. Near term resistance is at 1.9680 and followed by 1.9733, only break above 1.9680 may delay the resumption of the down trend.

USDJPY

20070130_usdjpy_1.gifUSDJPY broke above 121.77 previous high resistance, and pulled back from 122.17, further fall towards the bottom of the price channel can be expected later today. Near term resistance is at 122.17, break above this level may signal the resumption of the up trend.

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