Short Term Analysis – July 2, 2007

20070702_usdchf_1.gifUSDCHF
USDCHF is in down trend, the fall from 1.2468 extended to as low as 1.2201, further decline towards 1.2146 (June 6 low) to reach the next short term cycle bottom is expected to follow in a couple of days. Near term resistance is at the down trend line from 1.2426 to 1.2341, as long as the trend line resistance holds, down trend will continue.

20070702_gbpusd_1.gifGBPUSD
GBPUSD is in up trend, the rise from 1.9622 (June 8 low) extended to as high as 2.0086, further rally towards 2.0132 (April high) is expected to follow later today. Near term support is at the price channel, and as long as the channel support holds, up trend will continue.

20070702_usdjpy_1.gifUSDJPY
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.

20070702_eurusd_1.gifEURUSD
EURUSD is testing the previous high resistance at 1.3553 (June 5 high), rise above this level to reach the next short term cycle top will more likely be seen in a couple of days. Near term support is at the up trend line form 1.3263 to 1.3423, and as long as the trend line support holds, up trend will continue.

20070702_usdcad_1.gifUSDCAD
USDCAD bottomed at 1.0468 on 4 hours chart. The fall from 1.1875 (February high) might completed at 1.0468 level, rise towards 1.0757 is expected to follow in the next several days, and a break above 1.0757 level will confirm the long term up trend.

20070702_audusd_1.gifAUDUSD
As expected, AUDUSD broke above 0.8510 previous high. Further rise towards 0.8700 can be seen in the next several days. Near term support is at 0.8450 followed by 0.8355, as long as 0.8355 support holds, up trend will continue.