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Short Term Analysis – August 31, 2006

USDCHF

20060831_usdchf_1.gifUSDCHF is in down trend and further fall towards 1.2182 previous low to reach the next cycle bottom is possible in the next several days. Key resistance is now at 1.2376, only rise above this level may signal the reversal to the down trend.

GBPUSD

20060831_gbpusd_1.gifGBPUSD is in up trend and further rise towards 1.9142 previous high to reach the next cycle top is possible in the next several days. Key support is now at 1.8897, only fall below this level may signal the reversal to the up trend.

EURUSD

20060831_eurusd_1.gifEURUSD is in up trend and further rise towards 1.2937 previous high to reach the next cycle top is possible in the next several days. Key support is now at 1.2750, only fall below this level may signal the reversal to the up trend.

USDJPY

20060831_usdjpy_1.gifThe price channel support held, and USDJPY is in up trend now. Further rise above 117.40 level is possible later today. The target of this up trend should be above 117.87, the day high of July 19. Key support is now at 116.50, as long as this support holds, up trend will continue.

USDCAD

20060831_usdcad_1.gifUSDCAD is forming a side ways consolidation on 4 hours chart, in a range between 1.1048 and 1.1133. It is still in down trend and further fall below 1.1048 is possible later today. But the cycle bottom on daily chart is nearing, so we don’t suggest to take short positions at this moment.

AUDUSD

20060831_audusd_1.gifAUDUSD is moving higher to reach the next cycle top. Key support is at 0.7597, only break below this level may signal the reversal to the up trend. Near term resistance is at 0.7668, if gives way, the next resistance would be at 0.7712.

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