Short Term Analysis – February 2, 2007

EURUSD

20070202_eurusd_1.gifKey resistance at 1.3042 is broken above, EURUSD is now in up trend, and further rise towards 1.3100 can be expected later today. Near term support is at 1.2980 level and followed by the up trend line from 1.2876 to 1.2923, only break below the trend line support will signal the reversal to the up trend.

USDCAD

20070202_usdcad_1.gifUSDCAD moved without trend and swing in a narrow range between 1.1729 and 1.1849. Further fall towards 1.1644 (the day low of Jan 16) is still possible next week. Key resistance is at 1.1849, only break above this level will signal the resumption of the up trend.

USDCHF

20070202_usdchf_1.gifUSDCHF topped at 1.2571 on 4 hours chart, further fall below 1.2374 would more likely be seen later today. Near term resistance is at 1.2480 and followed by 1.2515. Key support is at 1.2374, break below this level will confirm the medium term bearish movement.

GBPUSD

20070202_gbpusd_1.gifKey resistance at 1.9695 is broken above, GBPUSD bottomed at 1.9480 on 4 hours chart. Further rise towards 1.9800 level to reach the next cycle top is still possible later today. Near term support is at 1.9620 and followed by 1.9580 level.

AUDUSD

20070202_audusd_1.gifAUDUSD bottomed at 0.7695 on 4 hours chart, further rise towards 0.7800 level to reach the next cycle top can be expected in the next several days. Near term support is at 0.7695, only break below this level will signal the resumption of the down trend.

USDJPY

20070202_usdjpy_1.gifUSDJPY fell below 120.17 previous low, further decline towards 119.50 level is still possible later today. Near term resistance is at the down trend line and followed by 122.17, only break above 122.17 may signal the resumption of the up trend.