# Short Term Analysis – October 23, 2006

USDJPY

USDJPY is in correction to the down trend, further fall towards 117.38 to reach the next cycle bottom is still possible in the next couple of days. Key resistance is at 119.16, only break above this level may signal the reversal to the down trend.

AUDUSD

AUDUSD is in up trend, further rise towards 0.7630 level is still possible later today, near term support is at bottom of the rising price channel, and as long as the channel support holds, up trend will continue.

GBPUSD

GBPUSD is in up trend, further rise towards 1.8900 level is still possible later today. Near term support is the up trend line, now at 1.8745, and as long as the trend line support holds, up trend will continue.

USDCHF

USDCHF is in down trend, further fall towards 1.2500 level is possible later today. Key resistance is now at 1.2680, only break above this level may signal the reversal to the down trend.

USDCAD

USDCAD may be bottoming at 1.1202 on 4 hours chart, further rebound to 1.1300 level can be expected later today. Near term support is at 1.1202, only break below this level may signal the resumption of the down trend.

EURUSD

EURUSD is in up trend, further rise towards 1.2700 level is still possible later today. Key support is now at 1.2550, only break below this level may signal the reversal to the up trend.