Short Term Analysis - August 11, 2006
USDCHF
USDCHF is in correction to the down trend. Further rise to test 1.2422 previous high is possible later today. On the other side, we don’t want to treat USDCHF as in up trend at this moment, and still expect a resumption of the down trend.
USDJPY
USDJPY is in correction to the down trend. Further rise towards 116.00 level is possible later today. Key support is at 114.57, as long as this support holds, the correction will continue.
EURUSD
EURUSD is in correction to the up trend. Further fall to test 1.2738 Fibonacci support is possible later today. If this support gives way, this next support will be at 1.2719. On the other side, we don’t want to treat EURUSD as in down trend at this moment, and still expect a resumption of the up trend.
GBPUSD
GBPUSD broke down the price channel and is treated as in correction to the up trend. Key resistance is at 1.9142, a break above this level may signal the resumption of the up trend.
USDCAD
Key resistance at 1.1254 is broken above, USDCAD bottomed at 1.1174 on 4 hours chart, and the fall from 1.1457 may be end at this level. Now, the pair will move higher to test 1.1345 previous high resistance. Key support is now at 1.1174, only break below this level may signal the resumption of the down trend.
AUDUSD
Key resistance at 0.7670 is broken above, AUDUSD is now in up trend. It will move higher to reach its cycle top on 4 hours chart. Further rise toward 0.7750 level is possible later today. Key support is at 0.7563, only break below this level may signal a reversal of the up trend.
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