# Short Term Analysis – January 16, 2007

GBPUSD

GBPUSD is in up trend, further rise towards 1.9750 previous high to reach the next cycle top can be expected in the next several days. Near term support is at 1.9500, only break below this level may signal the reversal to the up trend.

EURUSD

The down trend line resistance is broken above, EURUSD may be bottoming on 4 hours chart, key resistance is at 1.3014, a break above this level may confirm the cycle bottom. Near term support is at 1.2865, break below this level may signal the resumption of the down trend.

AUDUSD

AUDUSD rose above 0.7850 and reached 0.7858 high. Pullback towards the bottom of price channel can be expected later today. Near term resistance is at 0.7858, if gives way, further rise to 0.7870 level is can be seen.