Short Term Analysis - October 12, 2006
EURUSD
EURUSD is in down trend, further fall lower to test the previous low support at 1.2457 is possible later today. On the other side, the pair is oversold, correction is needed immediately before the resumption of the down trend. Key resistance is at 1.2612, a break above this level may signal the reversal to the down trend.
AUDUSD
AUDUSD stays in the falling price channel and is in down trend. Further fall below 0.7400 level can be expected later today. The near term resistance is at the top of the price channel, and as long as this resistance holds, down trend will continue.
GBPUSD
GBPUSD is in down trend, and further fall towards 1.8400 level is still possible in the next several days. On the other side, the pair is oversold, correction is needed immediately before the resumption of the down trend. Key resistance is at 1.8702, a break above this level may signal the reversal to the down trend.
USDCAD
USDCAD is in up trend, further rise higher to test the previous high resistance at 1.1457 is possible in the next several days. The near term support is at the up trend line, and as long as the trend line support holds, up trend will continue.
USDCHF
USDCHF is in up trend, and further rise towards 1.2800 level is still possible in the next several days. On the other side, the pair is overbought, correction is needed immediately before the resumption of the up trend. Key support is now at 1.2590, a break below this level may signal the reversal to the up trend.
USDJPY
USDJPY is in up trend, and further rise towards 120.50 level is possible later today. Near term support is at the up trend line, and as long as the trend line support holds, up trend will continue.
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