Short Term Analysis - June 29, 2007
GBPUSD
GBPUSD broke above the key resistance at 2.0016 and bottomed at 1.9928 on 4 hours chart. Further rise towards 2.0132 (April high) is expected to follow. Near term support is at the up trend line from 1.9657 to 1.9928, as long as the trend line support holds, up trend will continue.
USDJPY
No changed in our view, 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 correction.
EURUSD
EURUSD broke above the key resistance at 1.3478 and bottomed at 1.3414 on 4 hours chart. Further rise towards 1.3553 previous high is expected to follow. Near term support is at 1.3414, and as long as this support holds, up trend will continue.
USDCHF
USDCHF might be topping at 1.2341 on 4 hours chart, key support is at 1.2259, a break below this level will confirm the cycle top and signal the resumption of the down trend. Near term resistance is at 1.2341 and followed by 1.2362.
USDCAD
USDCAD broke below the key support at 1.0614 on 4 hours chart. Further fall below 1.0548 (June 4 low) is expected to follow. Near term resistance is at the up trend line from 1.0548 to 1.0614, only break above the trend line resistance will indicate lengthier consolidation.
AUDUSD
AUDUSD broke above the key resistance at 0.8440 and bottomed at 0.8355 on 4 hours chart. Further rise above 0.8510 previous high is expected to follow after a slightly correction. Key support is at 0.8355, and as long as the key support holds, up trend will continue.
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