# Short Term Analysis – May 23, 2007

USDCHF
USDCHF is topping at 1.2331 on 4 hours chart. Further fall towards 1.2250 to reach the next cycle bottom can be expected in a couple of days. However, the fall from 1.2331 is treated as consolidation to the up trend, and rise towards 1.2500 is still possible after consolidation.

EURUSD
No changed in our view, EURUSD is in down trend. Further fall towards 1.3350 can be seen in a couple of days. Near term resistance is at the down trend line from 1.3609 to 1.3525, and followed by 1.3525 level, as long as 1.3525 resistance holds, down trend will continue.

GBPUSD
GBPUSD broke above the down trend line resistance, sideways consolidation will more likely be seen in a couple of days. Near term support is at 1.9676, a break below this level will signal the resumption of the down trend.

AUDUSD
AUDUSD is bottoming at 1.8181 on 4 hours chart. Rise towards 0.8300 level to reach the next cycle top on 4 hours chart can be expected. Near term support is at 0.8181, only break below this level will signal the resumption of the down trend and fall towards 0.8100 can be seen.

No changed in our view. USDCAD is in down trend. Further fall towards 1.0800 is still possible in the next several days. Near term resistance is at the down trend line, now at 1.0945, and as long as the trend line resistance holds, down trend will continue.

USDJPY
USDJPY is in up trend. The rise from 119.46 extended to as high as 121.71 so far. Further rally towards 122.18 (Jan 29 high) can still be expected later today. Near term support is at the up trend line from 119.46 to 120.68, as long as the trend line support holds, up trend will continue.