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Short Term Analysis – February 16, 2007

EURUSD

20070216_eurusd_1.gifEURUSD is in up trend and further rise towards 1.3296 previous high is still possible after a slightly correction. Near term support is at 1.3115 and followed by 1.3070, only break below 1.3115 may delay the resumption of the up trend.

USDCAD

20070216_usdcad_1.gifUSDCAD is in down trend, further fall towards 1.1600 to reach the next cycle bottom on 4 hours chart is still possible later today. Key resistance is at 1.1670, a break above this level may confirm the cycle bottom.

USDCHF

20070216_usdchf_1.gifUSDCHF is in down trend, more sharply fall towards 1.2250 is still possible in the next several days. Near term resistance is at 1.2405, only break above this level may delay the resumption of the down trend.

USDJPY

20070216_usdjpy_1.gifUSDJPY is in down trend, further fall towards 118.50 to reach the next cycle bottom on 4 hours chart is still possible later today. Near term resistance is at 120.35, and as long as this level holds, down trend will continue.

AUDUSD

20070216_audusd_1.gifAUDUSD is in correction to the down trend, further rise towards 0.7936 (the day high of Jan 23) to reach the next cycle top on 4 hours chart is still possible in the next several days. Near term support is at 0.7820, and followed by 0.7800.

GBPUSD

20070216_gbpusd_1.gifGBPUSD pulled back from 1.9678 sharply, and topped on 4 hours chart. Further fall below 1.9400 previous low can be expected next week. Near term resistance is at 1.9678, only break below this level may delay the resumption of the down trend.

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