# Short Term Analysis – February 22, 2007

EURUSD

EURUSD moves without trend in a narrow range between 1.3092 and 1.3187 for several days. Further rise towards 1.3296 (the day high of Jan 2) can be expected later this week. A break above 1.3187 will signal the resumption of the up trend. Near term support is at 1.3110 and followed by 1.3092, as long as 1.3092 level holds, up trend will continue.

USDJPY

USDJPY bottomed at 118.96, and is now in up trend. More sharply rise towards 122.17 previous high to reach the next cycle top on 4 hours chart is still possible in next several days. Near term support is at the up trend line from 118.96 to 119.67, and followed by 119.67, only break below 119.67 may signal the reversal to the up trend.

AUDUSD

As expected, AUDUSD broke above 0.7886 previous high and further rises to test 0.7936 (the day high of Jan 23) is still possible later today. Key support is at 0.7845, break below this level may signal the resumption of the down trend.