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Short Term Analysis – September 19, 2006

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AUDUSD

20060919_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 now at 0.7503, a break below this level may signal the resumption of the down tend and fall towards 0.7400 level can be expected.

USDCHF

20060919_usdchf_1.gifUSDCHF is testing the price channel support, if this support gives way, further fall to test the key support at 1.2433 can be seen, and the up trend from 1.2226 will end after breaking below the key support. On the other side, the fall from 1.2621 is treated as in correction to the up trend before breaking below the 1.2433 key support, rebound from the price channel support is still possible later today.

USDCAD

20060919_usdcad_1.gifUSDCAD is forming a sideways consolidation to the up trend, and it is bottoming on 4 hours chart, further rise above 1.1234 level can be expected in next one or two days, and up trend would resume after breaking above this level.

EURUSD

20060919_eurusd_1.gifEURUSD rebounded from 1.2630 low, it would move higher to test the key resistance at 1.2752, and up trend would resume after breaking above this level. On the other side, the pair is treated in correction to the up trend before breaking above 1.2752 key resistance, further fall below 1.2630 towards 1.2559 previous low is still possible in the next several days.

USDJPY

20060919_usdjpy_1.gifThe resistance at 118.14 is broken above, USDJPY is in up trend, and as long as the up trend line support holds, up trend will continue.

GBPUSD

20060919_gbpusd_1.gifGBPUSD is treated in correction to the up trend, and further rise above 1.8918 can be expected after this correction. Near term support is at 1.8735, the pair may swing without trend in a range between 1.8735 and 1.8918 in the next couple of days.

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