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Short Term Analysis – October 18, 2007

20071018_audusd_1.gifAUDUSD
AUDUSD is forming a short term cycle bottom at 0.8815. Sideways consolidation in a range between 0.8794 and 0.9077 will more likely be seen in the next several days. Key resistance is at 0.9077, a break above this level will signal the resumption of the up trend, and further rise towards 0.9200 is expected to follow.

20071018_usdjpy_1.gifUSDJPY
USDJPY formed a short term cycle top at 117.93. Further fall towards 114.00 area to reach the next cycle bottom is still possible in the next several days. Near term resistance is at 117.93, only rise above this level will signal the resumption of the up trend.

20071018_gbpusd_1.gifGBPUSD
GBPUSD is in sideways consolidation to the up trend, further fall towards 2.0200 area to reach the next short term cycle bottom 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.

20071018_usdchf_1.gifUSDCHF
USDCHF topped at 1.1891 on 4 hours chart, and pullback towards 1.1622 previous low can be seen in the next several days. Near term resistance is at 1.1891 previous high, only rise above this level will signal the resumption of the up trend.

20071018_eurusd_1.gifEURUSD
EURUSD traded in a narrow range between 1.4143 and 1.4242, a break above 1.4242 level will signal the resumption of the up trend, and further rise towards 1.4500 area can be seen. Near term support is at 1.4143, break below this will indicate lengthier consolidation to the up trend.

20071018_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 0.9820 and followed by 0.9894, only rise above 0.9894 level will signal consolidation to the up down trend.

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