Short Term Analysis – January 29, 2007

EURUSD

EURUSD is in down trend, further fall below 1.2865 previous low is still possible later today. Near term resistance is at the down trend line, now at 1.2952. key support is at 1.2865, a break below this level indicated long term medium term bearish movement is underway, and further fall towards 1.2483 (the day low of Oct 13, 2006) can be seen.

USDCHF

Key resistance at 1.2496 is broken above, USDCHF bottomed at 1.2374 on 4 hours chart and daily chart. Further rise towards 1.2600 can be expected later today. Near term support is at 1.2485, only break below this level may delay the resumption of the up trend.

USDCAD is bottoming at 1.1729 on 4 hours chart, key resistance is now at 1.1841, a break above this level will confirm the cycle bottom. Near term support is at 1.1729, only break below this level may signal the resumption of the down trend.

AUDUSD

AUDUSD is in down trend, and further fall towards 0.7700 level is still possible later today. Near term resistance is at 0.7750 and followed by 0.7785, as long as 0.7785 resistance holds, down trend will continue.

GBPUSD

GBPUSD is in down trend, further fall towards 1.9500 is still possible later today. Near term resistance is at 1.9615 and followed by 1.9680, only break above 1.9680 may delay the resumption of the down trend.

USDJPY

USDJPY break above 121.77previous high resistance, further rise towards 122.50 can be expected in a couple of days. Near term support is at the up trend line and followed by 121.20, only break below 121.20 level may delay the resumption of the up trend.