Short Term Analysis – October 4, 2007

20071004_eurusd_1.gifEURUSD
EURUSD broke below the up trend line from 1.3550 (Sep 4 low) to 1.3827 (Sep 18 low) and topped at 1.4281 on 4 hours chart. Further pullback towards 1.4050 to reach the next cycle bottom is still possible later today. Key resistance is at 1.4199, a break above this level will confirm the cycle bottom and rise above 1.4281 previous high can be seen.

20071004_audusd_1.gifAUDUSD
AUDUSD topped at 0.8948 on 4 hours chart. Further fall towards 0.8700 is still possible in the next several days. However, the fall from 0.8948 is treated as consolidation to the up trend, the up trend will resume after consolidation, and a break above 0.8948 level will signal the resumption of the up trend.

20071004_usdcad_1.gifUSDCAD
USDCAD is in consolidation to the down trend, further rise towards 1.0100 to reach the next cycle top on 4 hours chart is still possible in the next several days. Near term support is at 0.9908, a break below this level will signal the resumption of the down trend.

20071004_usdjpy_1.gifUSDJPY
USDJPY broke above 116.36 previous high and further rise towards 117.11 (Aug 23 high) is still possible later today, and a break above 117.11 level will signal the resumption of the long term up trend.

20071004_gbpusd_1.gifGBPUSD
GBPUSD topped at 2.0492 on 4 hours chart. However, the fall from 2.0492 is treated as consolidation to the up trend, rise towards 2.0600 area is still possible after consolidation, and a break above 2.0492 level will signal the resumption of the up trend.

20071004_usdchf_1.gifUSDCHF
USDCHF is in down trend, the rise from 1.1622 is treated as consolidation to the down trend, further rise towards 1.1850 area is still possible later today. Near term support is at 1.1712, and a break below this level will signal the resumption of the down trend.

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