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Short Term Analysis – August 20, 2007

20070820_usdchf_1.gifUSDCHF
USDCHF is in up trend, the fall from 1.2214 is treated as correction to the up trend, rise towards 1.2400 is still possible after correction, and a break above 1.2214 will signal the resumption of the up trend. Near term support is at 1.1993, break below this level will indicate lengthier correction to the up trend.

20070820_gbpusd_1.gifGBPUSD
GBPUSD is in down trend. The fall from 2.0398 extended to as low as 1.9652. Further fall below 1.9621 (Jun 8) low is expected. Near term resistance is at 1.9935, and as long as this resistance holds, down trend will continue.

20070820_usdcad_1.gifUSDCAD
USDCAD is in up trend. The fall from 1.0866 is treated as consolidation to the up trend, and a break above 1.0866 level will signal the resumption of the up trend. Near term support is at 1.0461, break below this level will delay the resumption of the up trend.

20070820_usdjpy_1.gifUSDJPY
USDJPY is in down trend. The fall from 119.80 extended to as low as 111.59. Sideways consolidation will more likely be seen before breaking below 111.59 level. Near term resistance is at 116.25, and as long as this resistance holds, down trend will continue.

20070820_audusd_1.gifAUDUSD
AUDUSD is in down trend. The fall from 0.8662 extended to as low as 0.7675. Further fall towards 0.7600 is expected after consolidation. Near term resistance is at the down trend line from 0.8662 to 0.8504, and as long as the trend line resistance holds, down trend will continue.

20070820_eurusd_1.gifEURUSD
EURUSD is in down trend. The fall from 1.3839 extended to as low as 1.3360. Further fall towards 1.3300 is expected after consolidation. Near term resistance is at 1.3605, and as long as this resistance holds, down trend will continue.

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