# Short Term Analysis – January 10, 2007

AUDUSD

AUDUSD is bottoming at 0.7780 on 4 hours chart, key resistance is now at 0.7833, a break above this level may confirm the cycle bottom. Near term support is at 0.7780, only break below this level may signal the resumption of the down trend.

USDJPY

USDJPY is in down trend, the rise from 119.97 is treated as in correction to the down trend, and fall towards 117.97 is still possible later today. On the other side, the pair is testing the key resistance at 119.67, a break above this level may signal the resumption of the up trend.

USDCAD is forming a sideways consolidation in a range between 1.1718 and 1.1796, further fall below 1.1718 previous low to reach the next cycle bottom on 4 hours chart is still possible later today. Near term resistance is at 1.1796, only break above this level may signal the resumption of the up trend.

GBPUSD

Key resistance is broken above, GBPUSD bottomed at 1.9260 on 4 hours chart, further rise towards 1.9550 is possible in a couple of days. Near term support is at 1.9260, only break below this level may signal the resumption of the down trend.

USDCHF

Resistance at 1.2412 is broken above, USDCHF stays in up trend, and further rise towards 1.2480 is still possible later today. Near term support is at the bottom of the price channel, now at 1.2364, and followed by 1.2330, only break below 1.2330 may signal the reversal to the up trend.

EURUSD

Support at 1.2971 is broken below, EURUSD stays in down trend, and further fall towards 1.2900 is still possible later today. Near term resistance is at 1.3051, only break above this level may signal the reversal to the down trend.