# Short Term Analysis – January 22, 2007

EURUSD

Key resistance at 1.2988 is broken above, EURUSD bottomed at 1.2865 on 4 hours chart. Further rise above 1.3014 to reach the next cycle top on daily chart can be expected in the next several days. Near term resistance is at 1.3000, break above this level indicate the medium term up trend is underway. Near term support is at 1.2895, and key support is at 1.2865, only break below the key support may signal the resumption of the down trend.

AUDUSD

AUDUSD is in correction to the down trend, pullback towards the bottom of the price channel will more likely be seen later today. Near term resistance is at the top of the price channel, now at 0.7915, break above the channel resistance indicate medium term up trend is underway, and further rise above 0.7977 previous high can be expected in the next several days.

GBPUSD

GBPUSD is forming a sideways consolidation in a range between 1.9635 and 1.9777. Further rise towards 1.8946 (the day high of Dec 1, 2006) is possible if near term resistance at 1.9777 is broken above. Near term support is at 1.9694 and followed by 1.9635, only break below 1.9635 may delay the resumption of the up trend.