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Short Term Analysis – June 22, 2007

20070622_usdjpy_1.gifUSDJPY
Key resistance at 123.75 is broken above, USDJPY bottomed at 123.09 and up trend resumed. Further rise towards 125.00 is expected to follow next weeks. Near term support is at 123.09, as long as this support holds, up trend will continue.

20070622_usdchf_1.gifUSDCHF
USDCHF is bottoming at 1.2354, key resistance is at 1.2426, a break above this level will confirm the cycle bottom, and rise above 1.2467 is expected to follow next week. Near term support is at 1.2354, only break below this level will indicate lengthier consolidation.

20070622_usdcad_1.gifUSDCAD
USDCAD break above 1.0752 previous high, further rise towards 1.0800 is still possible in the next several days. Key support is at 1.0614, a break below this level will signal the resumption of the down trend.

20070622_gbpusd_1.gifGBPUSD
No changed in our view, GBPUSD broke above the down trend line from 2.0132 (Apr 18 high) to 1.9967, further rise above 1.9967 to reach the next cycle top is still possible later today, and the next cycle top is nearing. Near term support is now at 1.9880, a break below this level will signal the resumption of the down trend.

20070622_eurusd_1.gifEURUSD
Key support at 1.3383 is broken below, EURUSD topped at 1.3437 on 4 hours chart. Further fall towards 1.3263 previous low is expected. Near term resistance is at 1.3437, only break above this level will indicate lengthier correction to the down trend.

20070622_audusd_1.gifAUDUSD
AUDUSD is testing the previous high resistance at 0.8476, pullback from this resistance zone will more likely be seen. Near term support is at 0.8428, a break below this level will confirm such case, and target will be below 0.83333.

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