Short Term Analysis - July 31, 2006

USDCHF
Support at 1.2307 is broken below, USDCHF is in down trend. Further fall below 1.2182 (the day low of July 7) is possible in next several days. key resistance is now at 1.2422, as long as this key resistance holds, down trend will continue.

USDJPY?
USDJPY is in down trend, Further fall below 113.39 (the day low of July 10) is possible in next several days. Key resistance is now at 116.02, as long as this resistance holds, down trend will continue.

EURUSD?
Resistance at 1.2770 is broken above, EURUSD is in up trend, further rise towards 1.2861 previous high is possible in the next couple of days. Key support is now at 1.2659, only break below this level may signal a reversal of the up trend.

GBPUSD?
GBPUSD is forming a sideways consolidation in a range between 1.8544 and 1.8675, up trend will resume after near term resistance at 1.8675 is broken above. key support is now at 1.8544, only break below this level may signal a reversal of the up trend.

USDCAD?
USDCAD will move lower to reach the next cycle bottom on 4 hours chart. Resistance at 1.1262 will be broken below soon.

AUDUSD?
Resistance at 0.7659 is broken above, up trend of AUDUSD resumes. Further rise towards 0.7700 level is possible later today. Key support is now at 0.7592, As long as this support holds, up trend will continue.