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Short Term Analysis – October 23, 2007

20071023_eurusd_1.gifEURUSD
EURUSD formed a short term cycle top at 1.4348, and pulled back to as low as 1.4125. Further fall towards 1.4014 previous low is still possible in a couple of days. However, the fall from 1.4348 is treated as correction to the up trend, a break above 1.4348 level will signal the resumption of the up trend, and rise towards 1.4500 area is still in favor.

20071023_usdcad_1.gifUSDCAD
USDCAD formed a short term cycle bottom at 0.9632. Sideways consolidation will more likely be seen in the next several days. Down trend will resume after consolidation, a break below 0.9632 will signal the resumption to the down trend, and fall towards 0.9400 is still possible.

20071023_audusd_1.gifAUDUSD
AUDUSD broke below 0.8794 and topped at 0.9077 on daily chart. Sideways consolidation in a range between 0.8700 and 0.9077 can be seen. Key resistance is at 0.9077, only break above this level will signal the resumption of the up trend.

20071023_usdjpy_1.gifUSDJPY
USDJPY is in down trend. The fall from 117.93 extended to as low as 113.23, further fall towards 112.50 area to reach the next cycle bottom is still possible, and the cycle bottom is nearing. Near term resistance is at 115.00, a break above this level will signal the reversal to the down trend.

20071023_gbpusd_1.gifGBPUSD
GBPUSD formed a short term cycle top at 2.0538, further fall below 2.0244 to reach the next cycle bottom is still possible in the next several days. Key resistance is at 2.0538, a break above this level will signal the resumption of the up trend, and rise above 2.0652 (July 24 high) can be seen after consolidation.

20071023_usdchf_1.gifUSDCHF
USDCHF formed a short term cycle bottom at 1.1599. Further rise towards 1.1891 to reach the next cycle top is still possible, and the next cycle top is nearing. Key support is at 1.1599, a break below this level will signal the resumption of the down trend.

Please click the following links for more short term and long term forex analysis.

USDCHF | USDJPY | EURUSD | GBPUSD | USDCAD | AUDUSD

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