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Short Term Analysis – June 28, 2007

20070628_gbpusd_1.gifGBPUSD
GBPUSD is bottoming at 1.9928 on 4 hours chart, key resistance is at 2.0016, a break above this level will confirm the cycle bottom and signal the resumption of the up trend. Near term support is at 1.9928, break below this level will indicate lengthier correction is underway and delay the resumption of the up trend.

20070628_usdjpy_1.gifUSDJPY
USDJPY bottomed on 4 hours chart, and the correction from 124.13 completed at 122.22. Rise towards 124.13 previous high is expected to follow in the next several days. Key support is at 122.22, only break below this level will indicate lengthier corection.

20070628_eurusd_1.gifEURUSD
EURUSD is bottoming at 1.3414 on 4 hours chart, key resistance is at 1.3478, a break above this level will confirm the cycle bottom and signal the resumption on the up trend. Near term support is at 1.3414, only break below this level will indicate lengthier consolidation.

20070628_usdchf_1.gifUSDCHF
USDCHF traded in a narrow range between 1.2259 and 1.2311 for 3 days, and break below this range is expected to follow in a couple of days. Near term resistance is at 1.2311 followed by 1.2330, key support is at 1.2259, a break below this level will signal the resumption of the down trend.

20070628_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.

20070628_audusd_1.gifAUDUSD
AUDUSD is bottoming on 4 hours chart, key resistance is at 0.8440, a break above this level will confirm the cycle bottom and signal the resumption of the up trend. Near term support is at 0.8355 followed by 0.8333 previous low.

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