Short Term Analysis – July 3, 2007

20070703_usdchf_1.gifUSDCHF
USDCHF broke below 1.2146 (June 6 low), further fall towards 1.2050 is still possible later today. Near term resistance is at the down trend line from 1.2426 to 1.2341, as long as the trend line resistance holds, down trend will continue.

20070703_gbpusd_1.gifGBPUSD
GBPUSD broke above 2.0132 (April high), further rise towards 1.0400 is still possible in the next several days. Near term support is at the up trend line from 1.9657 to 1.9928, as long as the trend line support holds, up trend will continue.

20070703_usdjpy_1.gifUSDJPY
USDJPY broke below 122.22 previous low, the pair is treated as in correction to the up trend. Rise above 124.13 is still possible after correction. Near term resistance is at 12275, a break above this level will signal the resumption of the up trend.

20070703_eurusd_1.gifEURUSD
As expected, EURUSD broke above 1.3553 (June 5 high, further rise towards 1.3681 (April high) is still possible. Near term support is at the up trend line form 1.3263 to 1.3423, and as long as the trend line support holds, up trend will continue.

20070703_usdcad_1.gifUSDCAD
No changed in our view, USDCAD bottomed at 1.0468 on 4 hours chart. The fall from 1.1875 (February high) might completed at 1.0468 level, rise towards 1.0757 is expected to follow in the next several days, and a break above 1.0757 level will confirm the long term up trend.

20070703_audusd_1.gifAUDUSD
AUDUSD is in up trend, further rise towards 0.8700 is expected to follow in a couple of days. Near term support is at the up trend line followed by 0.8500, and as long as 0.8500 support holds, up trend will continue.

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