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Short Term Analysis – October 16, 2007

20071016_usdjpy_1.gifUSDJPY
USDJPY is forming a short term cycle top at 117.93 on 4 hours chart, fall towards 116.00 is expected, and a break below the trend line support will confirm such case. Near term resistance is at 117.93, if gives way, further rise towards 118.50 can be seen.

20071016_gbpusd_1.gifGBPUSD
GBPUSD is in sideways consolidation to the up trend, further fall towards 2.0200 area to reach the next cycle bottom on 4 hours chart is still possible in the next several days. Key resistance is at 2.0492, a break above this level will signal the resumption of the up trend.

20071016_usdchf_1.gifUSDCHF
USDCHF topped at 1.1891 on 4 hours chart, pullback towards 1.1622 previous low is expected to follow. Near term resistance is at 1.1891, only rise above this level will signal the resumption of the up trend.

20071016_audusd_1.gifAUDUSD
AUDUSD might be topping at 0.9077 on 4 hours chart, consolidation will more likely be seen in the next several days, pullback towards 0.9794 previous low is expected, and a break below 0.8910 level will confirm such case.

20071016_eurusd_1.gifEURUSD
EURUSD is in sideways consolidation in a range between 1.4014 and 1.4281. Pullback towards 1.4100 area is still possible in the next several days. Up trend will resume after consolidation and a break above 1.4281 level will signal the resumption of the up trend.

20071016_usdcad_1.gifUSDCAD
USDCAD is in down trend, further fall towards 0.9600 is still possible in the next several days. Near term resistance is at 0.9796 and followed by 0.9894, only rise above 0.9894 level will signal consolidation to the up down trend.

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