# Short Term Analysis – August 16, 2007

USDCHF
USDCHF broke above 1.2163 (July 25 high). The pair is now in up trend. Further rise towards 1.2400 is expected in the next several days. Near term support is at the up trend line, and as long as the trend line support holds, up trend will continue.

USDJPY
USDJPY broke below 117.15 previous low and reached as low as 116.23 so far. Further fall towards 115.50 is still possible later today. Near term resistance is at the price channel, and as long as the channel resistance holds, down trend will continue.

GBPUSD
GBPUSD is in down trend. The fall from 2.0652 extended to as low as 1.9834, and further fall towards 1.9700 area is still possible in a couple of days. Near term resistance is at 1.9960, as long as this resistance holds, down trend will continue.