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Short Term Analysis – July 30, 2007

20070730_usdjpy_1.gifUSDJPY
USDJPY is bottoming at 117.97 on 4 hours chart, key resistance is at the down trend line from 122.39 to 120.72, a break above the trend line resistance will confirm the cycle bottom. Near term support is at 117.97, only break below this level will signal the resumption of the down trend.

20070730_eurusd_1.gifEURUSD
EURUSD topped at 1.3851 and is in down trend. Further fall towards 1.3550 area is still possible later today. Near term resistance is at 1.3680 and followed by 1.3771, only break above 1.3771 level will signal the reversal to the down trend.

20070730_usdchf_1.gifUSDCHF
No changed in our view, USDCHF topped at 1.2163, further fall below 1.1960 previous low is expected to follow in the next several days, and a break below 1.2020 key support will confirm such case. Near term resistance is at 1.2163, only break above this level will delay the resumption of the down trend.

20070730_gbpusd_1.gifGBPUSD
GBPUSD is in down trend, further fall towards 2.0100 is still possible later today. Near term resistance is at 2.0330 followed by 2.0420, only break above 2.0420 level will signal the reversal to the down trend.

20070730_audusd_1.gifAUDUSD
AUDUSD is in down trend, further fall towards 0.8400 to reach the next cycle bottom on 4 hours chart is still possible in the next several days. Near term resistance is at 0.8650, only break above this level will signal the reversal to the down trend.

20070730_usdcad_1.gifUSDCAD
USDCAD broke above 1.0610 previous high and further rise towards 1.0757 (June 21 high) is still possible in the next several days. Near term support is at 1.0525 and followed by 1.0339, only break below 1.0339 will signal the resumption of the down trend.

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