# Short Term Analysis – July 9, 2007

GBPUSD
As expected, GBPUSD broke below the price channel support. However, the fall from 2.0206 is treated as correction to the up trend. Key resistance is at 2.0206, a break above this level will signal the resumption of the up trend, and rise towards 2.0400 will be seen.

EURUSD
EURUSD is in consolidation to the up trend. Further rise towards 1.3800 is expected to follow after consolidation. Near term support is at 1.3550, and as long as this support holds, up trend will continue.

USDJPY
USDJPY is in up trend, further rise towards 124.13 previous high is still possible later today. Near term support is at 122.80, and followed by 122.33. Key resistance is at 124.13, a break above this level will signal the resumption of the up trend.

USDCHF
USDCHF is in down trend, the rise from 1.2090 is treated as correction to the down trend, further fall towards 1.1993 (April low) is still in favor after correction. 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.