Short Term Analysis - October 30, 2007
GBPUSD
GBPUSD is testing the resistance at 2.0652 (Jul 24 high), rise above this level can be seen after a slightly consolidation. Near term support is at 2.0424, and as long as this support holds, up trend will continue.
USDCAD
USDCAD formed a short term cycle top at 0.9824, and the fall from 0.9824 extended to as low as 0.9514 level. Further fall towards 0.9400 is still possible later today. Near term resistance is at 0.9650, and as long as this resistance holds, down trend will continue.
EURUSD
EURUSD formed a short term cycle bottom at 1.4125, and broke above 1.4348 previous high. Further rise towards 1.4600 is still possible in the next several days. Near term support is at 1.4300, and as long as this support holds, up trend will continue.
AUDUSD
AUDUSD is in up trend. The rise from 0.8748 extended to as high as 0.9271. Further rise towards 0.9350 to reach the next short term cycle top is still possible in a couple of days. Near term support is at 0.9150, and as long as this support holds, up trend will continue.
USDJPY
USDJPY is in consolidation to the down trend, rise towards 115.50 to reach the next short term cycle top is still possible later today. Key support is at 113.23, a break below this level will signal thee resumption of the down trend.
USDCHF
USDCHF formed a short term cycle top at 1.1784 level, further fall below 1.1599 previous low can be seen later today. Near term resistance is at 1.1700, 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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