Short Term Analysis - October 24, 2006
USDCHF
USDCHF bottomed at 1.2548 on 4 hours chart, and further rise towards 1.2739 previous high to reach the next cycle top is possible in the next couple of days. On the other side, the rebound from 1.2548 is treated as in correction to the down trend, and the resistance at 1.2768 will more likely be held by the end of this cycle.
USDJPY
The key resistance at 119.16 is broken above, USDJPY bottomed at 118.04 on 4 hours chart. The pair is now in up trend, further rise above 119.86 previous high resistance can be expected in the next several days.
AUDUSD
The price channel support is broken below, AUDUSD topped at 0.7613 on 4 hours chart. The pair is now in down trend, and pullback to 0.7500 area can be expected in the next several days. Key resistance is now at 0.7613, only break above this level may signal the resumption of the up trend.
EURUSD
EURUSD topped at 1.2641 on 4 hours chart, and further fall towards 1.2502 to reach the next cycle bottom is possible in the next couple of days. On the other side, the fall from 1.2641 is treated as in correction to the up trend, the support at 1.2483 will more likely be held by the end of this cycle.
GBPUSD
The up trend line support is broken below, GBPUSD topped at 1.8860 on 4 hours chart. The pair is treated as in correction to the up trend, and further fall below 1.8662 level to reach the next cycle bottom is still possible in the next couple of days.
USDCAD
USDCAD is bottoming at 1.1202 on 4 hours chart, and further rise higher to test the previous low resistance at 1.1320 is possible in the next several days. Near term support is at 1.1202, only break below this level may signal the resumption of the down trend.
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