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Short Term Analysis – June 20, 2007

20070620_eurusd_1.gifEURUSD
EURUSD is topping at 1.3436 on 4 hours chart, key support is at 1.3383, a break below this level will confirm the cycle top, and fall towards 1.3263 previous low is expected to follow. Near term resistance is at 1.3436, only break above this level will indicate lengthier correction to the down trend.

20070620_usdjpy_1.gifUSDJPY
USDJPY is topping at 123.75 on 4 hours chart, key support is at 1.2325, a break below this level will confirm the cycle top, and pullback towards the up trend line from 120.75 to 121.49 is expected to follow.

20070620_usdchf_1.gifUSDCHF
No changed in our view, USDCHF is in consolidation to the up trend. It will move without trend in a range between 1.2372 and 1.2467 in a couple of days. Near term support is at 1.2372 level, and key resistance is at 1.2467, a break above 1.2467 level will signal the resumption of the up trend.

20070620_usdcad_1.gifUSDCAD
USDCAD pulled back from 1.0752 and reached as low as 1.0614. The pair might be topping at 1.0752, key support is at 1.0603, a break below this level will confirm the cycle top, and fall towards 1.0400 will be seen.

20070620_gbpusd_1.gifGBPUSD
No changed in our view, GBPUSD is in correction to the down trend. Fall below 1.9622 previous low is still possible after correction. Near term support at 1.9795, a break below this level will signal the resumption of the down trend.

20070620_audusd_1.gifAUDUSD
AUDUSD is in up trend, the correction from 1.8476 completed at 0.8333, further rise above 0.8476 previous high is expected to follow. Near term support is at 0.8400, and key support is at 0.8333, only break below the key support will signal the reversal to the up trend.

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