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Short Term Analysis – June 26, 2007

20070626_eurusd_1.gifEURUSD
EURUSD formed a sideways consolidation in a narrow range between1.1.3438 and 3473, sharply rise towards 1.3553 previous high is expected to follow after consolidation. Near term support is at the up trend line from 1.3263 to 1.3371 and followed by 1.3371, as long as 1.3371 support holds, up trend will continue.

20070626_usdchf_1.gifUSDCHF
USDCHF traded in a narrow range between 1.2269 and 1.2311, sharply fall towards 1.2146 previous low can be expected to follow after consolidation. Near term resistance is at 1.2335, as long as this resistance holds, down trend will continue.

20070626_usdcad_1.gifUSDCAD
No changed in our view, USDCAD is in consolidation to the down trend, 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.

20070626_gbpusd_1.gifGBPUSD
GBPUSD is in up trend, the rise from 1.9622 extended to as high as 2.0006, and further rise towards 1.0132 (Apr 18 high) is possible in the next several days. Near term support is at 1.9886, and as long as this support holds, up trend will continue.

20070626_usdjpy_1.gifUSDJPY
USDJPY is in up trend, the fall from 124.13 is treated as consolidation to the up trend, more sideways consolidations in a range between 123.09 and 124.13 is expected to follow in a couple of days. Near term resistance is at 124.13, a break above this level will signal the resumption of the up trend.

20070626_audusd_1.gifAUDUSD
AUDUSD might be topping at 0.8499 on 4 hours chart, key support is at 0.8428, a break below this level will confirm the cycle top and pullback towards 0.8400 is expected to follow. Near term resistance is at 0.8499, only break above this level will signal the resumption of the up trend.

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