Short Term Analysis – October 2, 2006

EURUSD

20061002_eurusd_1.gifEURUSD is bottoming at 1.2639, key resistance is at 1.2732, a break above this level may confirm the cycle bottom, and further rise towards 1.2800 level can be expected after the key resistance is broken above.

USDCAD

20061002_usdcad_1.gifThe down trend line and the key resistance at 1.1182 are broken above, USDCAD has bottomed at 1.1085 at 4 hours chart. The fall from 1.1294 ended and further rise towards 1.1250 area to reach the next cycle top can be expected in the next couple of days.

GBPUSD

20061002_gbpusd_1.gifGBPUSD is in down trend and further fall below 1.8602 previous low support to reach the next cycle bottom is possible later today. Near term resistance is the falling trend line, and breaking above this resistance may consider the reversal to the down trend.

USDCHF

20061002_usdchf_1.gifUSDCHF is in up trend. Key support is at 1.2452 level, and as long as the key support holds, up trend will continue. On the other side, the next cycle top is nearing, a break below the key support may label the cycle top at 1.2556, and fall to 1.2400 level to reach the next cycle bottom can be expected.

USDJPY

20061002_usdjpy_1.gifUSDJPY stays in the rising price channel and it is in up trend. A sideways consolidation is needed if the bottom of the price channel is broken below. Key support is at 117.52, a break below this level may signal the reversal of the up trend.

AUDUSD

20061002_audusd_1.gifAUDUSD is in down trend, further fall towards 0.7400 level is possible in the next couple of days. Key resistance is now at 0.7516, only break above this level may signal the reversal to the down trend.