Short Term Analysis – December 6, 2006

AUDUSD

20061206_audusd_1.gifKey support at 0.7847 is broken below, AUDUSD topped at 0.7925 on 4 hours chart. Further fall towards 0.7820 level is still possible in a couple of days. Key resistance is now at 0.7925, a break above this level may signal the resumption of the up trend.

EURUSD

20061206_eurusd_1.gifEURUSD is in correction to the up trend, further fall to test the near term support at 1.3219 is still possible later today, and this support would more likely be held. Near term resistance is at 1.3382, a break above this level may signal the resumption of the up trend.

GBPUSD

20061206_gbpusd_1.gifGBPUSD is in correction to the up trend, further fall to test the near term support at 1.9634 is still possible later today, and this support would more likely be held. Near term resistance is at 1.9846, a break above this level may signal the resumption of the up trend.

USDCAD

20061206_usdcad_1.gifNo change in our view, USDCAD is topping at 1.1475 on 4 hours chart, key support is at 1.1369, a break below this level may confirm the cycle top, and further fall below 1.1285 can be expected in the next several days.

USDJPY

20061206_usdjpy_1.gifUSDJPY is in down trend and fall towards 114.00 is still possible later today. Near term resistance is at the down trend line, and followed by 115.82, only break above 118.82 can signal the reversal to the down trend.

USDCHF

20061206_usdchf_1.gifUSDCHF is in down trend and further fall towards 1.1800 is possible later today. Near term resistance is at 1.2007, and as long as this resistance holds, down trend will continue.