Short Term Analysis – August 7, 2006

USDCHF?

USDCHF fall below 1.2254 support last Friday, it is testing the long term support at 1.2182, a break below this level may signal the long term bearish movement. Key resistance is now at 1.2354, only break above this level may signal a reversal of the down trend.?

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USDJPY?

Support at 114.18 is broken below, USDJPY? topped on 4 hours chart, and the down trend resumed. It will move lower to test the log term support at 113.39, a break below this level may signal a long term bearish movement. Key resistance is now at 115.54, only break above this level may signal a reversal of the down trend.?

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EURUSD?

Resistance at 1.2834 is broken above, EURUSD?s up trend resumes. The next resistance is at 1.2978 (the day high of June 5). Key support is now at 1.2742, only break below this level may signal a reversal of the up trend.

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GBPUSD?

GBPUSD is testing the price channel resistance, it would have a slightly correction before moving higher again. key support is at 1.8700, only break below this level may signal a reversal of the up trend.

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USDCAD?

USDCAD is forming a sideways consolidation in a range between 1.1221 and 1.1372. Down trend will resume after 1.1221 level is broken below. Key resistance is at 1.1345, a break above this level may label a cycle bottom.

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AUDUSD?

AUDUSD is bottoming on 4 hours chart, further rise towards 0.7791previous high resistance is possible after breaking above 0.7680. key support is now at 0.7584, only break below this level may delay the resumption of the up trend.

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