Short Term Analysis - July 25, 2007
EURUSD
EURUSD is in up trend, the rise from 1.3262 extended to as high as 1.3851, further rise towards 1.3900 is still possible in the next several days. Key support is at 1.3752, a break below this level will signal the reversal to the up trend, and pullback towards 1.3700 will be seen.
AUDUSD
AUDUSD is forming a short term cycle top at 0.8862 on 4 hours chart, key support is at 0.8752, a break below this level will confirm the cycle top and pullback towards 0.8700 area can be seen. Near term resistance is at 0.8862, only break above this level will signal the resumption of the up trend.
USDCHF
No changed in our view, 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.
GBPUSD
GBPUSD is in up trend, the rise form 1.9621 extended to as high as 2.0652, further rise towards 2.0700 is expected to follow in a couple of days. Near term support is at the price channel, and as long as the channel support holds, up trend will continue.
USDCAD
USDCAD broke below 1.0399 previous low, and further fall towards 1.0250 is expected to follow in a couple of days. Near term resistance is at 1.0496, as long as this resistance holds, down trend will continue.
USDJPY
As expected, USDJPY broke below 120.76 (June 8) and reached as low as 119.90 so far. Further fall towards further fall towards 119.00 is still possible in the next several days. Near term resistance is at 120.40, as long as this resistance holds, down trend will continue.
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