You see so many people have the same thought: the Chinese market will go down AFTER the olympic. As usually the case when something is so expected it probably will not happen... or else everybody will be rich! I think the bubble has already burst in Oct... like the Nasdaq did in 2000... but most people just won't see it until it is too late.
Currently because of the prevoius large trading range FXP remains a short. The stop on the short is 89.55 which is the safer place to go long. Going long right now other than a intra-day daytrade would be a guess or a hunch right now. I would love to go long as well now or in the 60's but the proper trade is to wait for an upside breakout which means a close above 89.55.