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Short Term Analysis – October 22, 2007

20071022_eurusd_1.gifEURUSD
EURUSD is in up trend. The rise from 1.4014 (Oct 9 low) extended to as high as 1.4348. Further rise towards 1.4500 is still possible in the next several days. Near term support is at the up trend line, and as long as the trend line support holds, up trend will continue.

20071022_usdcad_1.gifUSDCAD
USDCAD is in down trend. The fall from 1.0866 (Aug 16 high) extended to as low as 0.9632. Further fall towards 0.9400 is still possible after consolidation. Near term resistance is at 0.9820, and as long as this resistance holds, down trend will continue.

20071022_audusd_1.gifAUDUSD
AUDUSD is forming a sideways consolidation in a range between 0.8794 and 0.9077. The pair will move without trend in this range in the next several days. Key resistance is at 0.9077, only break above this level will signal the resumption of the up trend.

20071022_usdjpy_1.gifUSDJPY
USDJPY is in down trend. Further fall towards 112.50 area to reach the next cycle bottom is still possible in the next several days. Near term resistance is at 115.00, and as long as this resistance holds, down trend will continue.

20071022_gbpusd_1.gifGBPUSD
GBPUSD broke above 2.0492 (Oct 1 high), further rise towards 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.

20071022_usdchf_1.gifUSDCHF
As expected, USDCHF broke below 1.1622 (Oct 1 low), further fall towards 1.1500 area to reach the next short term cycle bottom is still possible in the next several days. Near term resistance is at 1.1735, and as long as this resistance holds, down 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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