Short Term Analysis - October 19, 2007
USDCAD
USDCAD is in down trend, the rebound from 0.9700 is treated as consolidation to the down trend, and further fall towards 0.9600 is still possible after consolidation. Near term resistance is at 0.9820 and followed by 0.9894, only rise above 0.9894 level will signal the reversal to the up down trend.
AUDUSD
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.
USDJPY
USDJPY is in down trend. 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 the down trend line from 117.93 to 117.18, and as long as the trend line resistance holds, down trend will continue.
GBPUSD
GBPUSD broke above 2.0492 previous high, further rise above 2.0652 (July 24 high) to reach the next short term cycle top is expected. Near term support is at 2.0244, only break below this level will signal the reversal to the up trend.
USDCHF
USDCHF is in down trend. Further fall below 1.1622 (Oct 1 low) to reach the next short term cycle bottom is still possible in the next several days. Near term resistance is at 1.1770, and as long as this resistance holds, down trend will continue.
EURUSD
EURUSD broke above 1.4281 (Oct 1 high) and up trend resumed. Further rise towards 1.4500 area can be seen in the next several days. Near term support is at 1.4143, as long as this support holds, up trend will continue.
Please click the following links for more short term and long term forex analysis.
USDCHF | USDJPY | EURUSD | GBPUSD | USDCAD | AUDUSD
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