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Short Term Analysis – September 29, 2006

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GBPUSD

20060929_gbpusd_1.gifPrevious low support at 1.8735 is broken below, and GBPUSD may be bottoming on 4 hours chart, near term resistance is the falling trend line, a break above the trend line resistance may consider the reversal to the down trend, and breaking above the key resistance at 1.8913 is needed to confirm the cycle bottom. On the other side, the pair fell sharply to 1.8722 level, and further fall towards 1.8602 previous low support is still possible in the next several days if 1.8722 level is broken below.

USDCAD

20060929_usdcad_1.gifUSDCAD is in down trend, further fall towards 1.1050 level is still possible later today. Near term resistance is the down trend line, and as long as the trend line resistance holds, down trend will continue. On the other side, the cycle bottom on 4 hours chart is nearing, a break above the down trend line may consider the reversal to the down trend, and breaking above the key resistance at 1.1182 is needed to confirm the cycle bottom.

USDJPY

20060929_usdjpy_1.gifUSDJPY is in up trend and further rise to test 118.27 previous high resistance is possible in the next couple of days. Near term support is at the bottom of the price channel, key support is at 116.90, only break below the key support may signal the reversal to the up trend.

USDCHF

20060929_usdchf_1.gifUSDCHF is in up trend, and further rise towards 1.2541 previous high resistance is still possible in the next couple of days. Key support is now at 1.2414, a break below this level may signal the reversal to the up trend.

AUDUSD

20060929_audusd_1.gifAUDUSD is in down trend, further fall towards 0.7400 area is still possible in the next several days. Key resistance is now at 0.7516, only break above this level may signal the reversal to the down trend.

EURUSD

20060929_eurusd_1.gifEURUSD is bottoming at 1.2662 on 4 hours chart, key resistance is now at 1.2732, a break above this level may confirm the cycle bottom, and further rise to 1.2800 level can be expected after the key resistance is broken above.

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