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Short Term Analysis – August 9, 2006

USDCHF

USDCHF bottomed on 4 hours chart and is treated as in correction to the down trend. Further rise higher to test the resistance at 1.2354 is possible later today, a break above this level may delay the resumption of the down trend.

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USDJPY

Key resistance at 115.54 is broken above, USDJPY bottomed at 113.96 on 4 hours chart and is treated as in correction to the down trend. Further rise towards 116.00 area is possible later today. Key support is now at 114.57, only break below this level may signal the resumption of the down trend.

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EURUSD

EURUSD topped at 1.2908 on 4 hours chart and is treated as in correction to the up trend. It is testing the price channel support, if this support gives way, further fall to test the resistance at 1.2742 is possible later today, a break below this level will delay the resumption of the up trend.

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GBPUSD

GBPUSD topped at 1.9142 on 4 hours chart, it is treated as in correction to the up trend. Further fall to test the price channel support is possible later today. Key resistance is now at 1.9142, a break above this level may signal the resumption of the up trend.

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USDCAD

USDCAD may be bottoming on 4 hours chart, key resistance is still at 1.1345, only break above this level may confirm the cycle bottom. On the other side, USDCAD may fall lower to test the near term support at 1.1175, if this support gives way, the pair would fall lower the test the support of price channel on daily chart.

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AUDUSD

Key support at 0.7584 is broken below, AUDUSD topped at 0.7680 on daily chart. Further fall to test the up trend line support (now at 0.7537) is possible in the next couple of days.

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