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Short Term Analysis – July 23, 2007

20070723_eurusd_1.gifEURUSD
Being contained by the up trend line from 1.3422 to 1.3594, EURUSD rebounded from 1.3778 and broke above 1.3833 previous high. Up trend of EURUSD resumed, further rise towards 1.3900 is expected to follow in the next several days. Near term support is at 1.3750, as long as this support holds, up trend will continue.

20070723_audusd_1.gifAUDUSD
AUDUSD is in up trend, the rise from 0.8355 extended to as high as 0.8833, further rise towards 0.8850 is still possible later today. However, the next short term cycle top on 4 hours chart is nearing, and sideways consolidation will be coming soon.

20070723_usdchf_1.gifUSDCHF
USDCHF is in consolidation to the down trend, further rise towards 1.2100 to reach the next cycle top on 4 hours chart is expected to follow in the next several days. Near term support is at 1.1960, break below this level will signal the resumption of the down trend.

20070723_gbpusd_1.gifGBPUSD
GBPUSD broke above 2.0547 previous high and up trend resumed. Further rise towards 2.0600 is expected to follow in the next several days. Near term support is at 2.0469, and as long as this support holds, up trend will continue.

20070723_usdcad_1.gifUSDCAD
No changed in our view, USDCAD bottomed at 1.0399 on 4 hours chart, further rise towards 1.0600 area to reach the next cycle top is expected. Near term support is at 1.0399, only break below this level will signal the resumption of the down trend.

20070723_usdjpy_1.gifUSDJPY
USDJPY broke below 120.96 previous low, further fall towards 120.00 is expected to follow in the next several days. Near term resistance is at 122.40, only break above this level will signal the reversal to the down trend.

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