Short Term Analysis – October 16, 2006

USDJPY

20061016_usdjpy_1.gifUSDJPY is moving higher to the next cycle top on 4 hours chart and the cycle top is nearing, a slightly pullback below 119.06 level can be expected in the next couple of days. Key support is now at 119.06, a break below this level may confirm the cycle top.

USDCHF

20061016_usdchf_1.gifUSDCHF is in up trend, further rise towards 1.2800 level is possible later today. On the other side, the next cycle top is nearing, key support is now at 1.2665, a break below this level may confirm the cycle top.

AUDUSD

20061016_audusd_1.gifAUDUSD is in up trend and further rise towards 0.7577 to reach the next cycle top on 4 hours chart is possible in the next several days. Key support is at 0.7414, only break below this level may signal the reversal to the up trend.

EURUSD

20061016_eurusd_1.gifEURUSD is in down trend, further fall towards 1.2457 previous low is still possible later today. On the other side, the next cycle bottom is nearing, key resistance is at 1.2576, and a break above this level may confirm the cycle bottom.

GBPUSD

20061016_gbpusd_1.gifGBPUSD is in down trend and further fall below 1.8517 to reach the next cycle bottom is still possible later today. On the other side, the next cycle bottom is nearing, key resistance is now at 1.8639, and a break above this level may confirm the cycle bottom.

USDCAD

20061016_usdcad_1.gifUSDCAD is in up trend, further rise towards 1.1457previous high can be expected in the next several days. Key support is now at 1.1320, only break below this level may signal the reversal to the up trend.