# Short Term Analysis – August 24, 2007

EURUSD
EURUSD broke above 1.3545 previous high and reached as high as 1.3587. Key support is now at 1.3535, a break below this level will signal the resumption of the down trend. Near term resistance is at 1.3587, a break above this level will indicate lengthier correction to the down trend and rise towards 1.3650 is expected to follow.

USDCAD is testing the support of 1.0461, fall towards 1.0339 can be seen if 1.0461 is broken below. Near term resistance is at 1.0690, a break above this level will signal the resumption of the up trend.

USDCHF
USDCHF bottomed at 1.1993 on 4 hours chart. Further rise towards 1.2214 is expected to follow. Near term support is at 1.1993, only break below this level will indicate lengthier correction to the up trend.

GBPUSD
GBPUSD broke above 1.9935 previous high and reached as high as 2.0092. Further rise towards the down trend line from 2.0652 (Jul 24 high) to 2.0462 (Aug 6 high) is still possible later today. Near term support is at 1.9930, a break below this level will signal the resumption of the down trend.

USDJPY
USDJPY is in correction to the down trend. Further rise towards the down trend line from 122.39 (Jul 20 high) to 119.80 (Aug 8 high) is still possible later today. Near term support is at 113.97, a break below this level will signal the resumption of the down trend.

AUDUSD
AUDUSD is in up trend, the rise from 0.7675 extended to as high as 0.8236 and further rise towards 0.8300 is still possible later today. Near term support is at 0.7950, and as long as this support holds, up trend will continue.