Short Term Analysis – September 6, 2006

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GBPUSD

20060906_gbpusd_1.gifKey support at 1.8956 is broken below, GBPUSD topped at 1.9090 on 4 hours chart. The pair is testing the up trend line support. If the support holds, GBPUSD will bottom here and rebound towards the key resistance at 1.9079. If this trend line support gives way, the pair would fall towards 1.8829 previous low support.

EURUSD

20060906_eurusd_1.gifEURUSD is fail to test the key resistance at 1.2878 and pulled back to 1.2795. Further fall towards key support at 1.2754 to reach the next cycle bottom is possible later today. Key resistance is now at 1.2874, only break above this level may signal the resumption of the up trend.

USDCAD

20060906_usdcad_1.gifKey resistance at 1.1115 is broken above, USDCAD bottomed at 1.1030. On the other side, the next cycle top is nearing, and pullback and retest the key support at 1.1030 can be seen after the cycle top appears.

AUDUSD

20060906_audusd_1.gifAUDUSD is in up trend and further rise towards 0.7750 level to reach the next cycle top on 4 hours chart can be expected later today. Near term support is the up trend, as long as this support holds, up trend will continue.

USDJPY

20060906_usdjpy_1.gifUSDJPY bottomed on 4 hours chart. The near term resistance is at 116.50 previous low, and rebound towards this resistance is needed before the resumption of the down trend. Key support is now at 115.57, a break below this level may signal the resumption of the down trend.

USDCHF

20060906_usdchf_1.gifUSDCHF would move higher above 1.2387 to reach the next cycle top on 4 hours chart. Key support is now at 1.2272, only break below this level may signal the resumption of the down trend.