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Short Term Analysis – September 18, 2006

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USDCHF

20060918_usdchf_1.gifUp trend of USDCHF is limited by the price channel resistance. A slightly correction is needed before the resumption of the up trend. Near term support is at the bottom of the price channel now at 1.2490, key support is at 1.2433, only break below the key support may signal the reversal to the up trend.

AUDUSD

20060918_audusd_1.gifAUDUSD is in correction to the down trend and further rise to 0.7573 and 0.7601 Fibonacci retracement level to reach the next cycle top is still possible in the next one or two days. Key support is at 0.7483, a break below this level may signal the resumption of the down tend and fall towards 0.7400 level can be expected.

USDCAD

20060918_usdcad_1.gifUSDCAD is forming a consolidation to the up trend, it may be bottoming on 4 hours chart, further rise above 1.1234 level can be expected, and up trend would resume after breaking above this level.

USDJPY

20060918_usdjpy_1.gifUSDJPY is testing the key resistance at 118.14, up trend would resume after breaking above this level. On the other side, the pair has topped on 4 hours chart, fall below 117.26 is still possible later today.

GBPUSD

20060918_gbpusd_1.gifGBPUSD topped at 1.8918 on 4 hours chart, further fall to 1.8700 level is possible later today. On the other side, the pair is treated as in correction to the up trend, and the up trend would resume after breaking above 1.8918 key resistance.

EURUSD

20060918_eurusd_1.gifEURUSD topped at 1.2752 on 4 hours chart, and it is now in down trend, further fall towards 1.2559 previous low support is possible in the next several days. Key resistance is at 1.2752, only break above this level may signal the reversal to the down trend.

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