Short Term Analysis – October 11, 2007

20071011_usdchf_1.gifUSDCHF
USDCHF might be topping at 1.1891 on 4 hours chart, key support is at 1.1785, a break below this level will confirm the cycle top, and further fall towards 1.1622 is expected to follow. Near term resistance is at 1.1891, only break above this level will signal the resumption of the up trend.

20071011_audusd_1.gifAUDUSD
AUDUSD is in up trend, the fall form 0.9032 is treated as consolidation to the up trend. Fall towards 0.8800 area to reach the next cycle bottom on 4 hours chart is still possible later today. Near term resistance is at 0.9032, a break above this level will signal the resumption of the up trend, and further rise towards 0.9200 is expected to follow.

20071011_gbpusd_1.gifGBPUSD
GBPUSD is forming a sideways consolidation in a range between 2.0255 and 2.0492. Pullback below 2.0255 to reach the next cycle bottom on 4 hours chart is expected. Key resistance is at 2.0492, a break above this level will signal the resumption of the up trend.

20071011_eurusd_1.gifEURUSD
EURUSD is in correction to the up trend, further pullback below 1.4014 to reach the next cycle bottom on 4 hours chart is still possible in the next several days. Key resistance is at 1.4281, only break above this level will signal the resumption of the up trend.

20071011_usdcad_1.gifUSDCAD
USDCAD is in down trend, the rise from 0.9787 is treated as consolidation to the down trend, further fall towards 0.9700 is still possible after consolidation, and a break below 0.9787 level will signal the resumption of the down trend.

20071011_usdjpy_1.gifUSDJPY
USDJPY formed a sideways consolidation in a range between 116.79 and 117.58, and further fall towards the up trend line can be seen if 116.79 support gives way. Near term resistance is at 117.58, a break above this level will signal the resumption to the up trend.

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