Short Term Analysis - July 19, 2007
EURUSD
EURUSD is forming a short term cycle top at 1.3833, pullback towards 1.3700 area will more likely be seen in the next several days. Near term support is at the up trend line from 1.3422 to 1.3594, a break below the trend line support will confirm the cycle top.
USDCHF
USDCHF might be bottoming at 1.1960 level on 4 hours chart, key resistance is at 1.2050, a break above this level will confirm the cycle bottom and rise towards 1.2100 to reach the next cycle top can be seen.
GBPUSD
GBPUSD is in up trend, the rise from 1.9621 extended to as high as 2.0547. Further rise towards 2.0600 is still possible later today. Near term support is at 2.400 and followed by the up trend line from 1.9657 to 2.0056, and as long as the trend line support holds, up trend will continue.
USDCAD
As expected, USDCAD’s down trend extended to as low as 1.0399. The rise from 1.0399 suggested a short term cycle bottom on 4 hours chart and further rise towards 1.0500 area is expected to follow in the next several days.
AUDUSD
No changed in our view, AUDUSD is in up trend, the rise from 0.8355 extended to as high as 0.8779, further rise towards 0.8800 is still possible in a couple of days. Near term support is at 0.8700, as long as this support holds, up trend will continue.
USDJPY
USDJPY bottomed at 122.96 on 4 hours chart, further rise towards 124.13 previous high is still in favor, and a break above this level will signal the resumption of the up trend. Near term support is at 120.96, only break below this level will indicate lengthier correction to the up trend.
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