Short Term Analysis – November 2, 2006

EURUSD

20061102_eurusd_1.gifEURUSD is pulling back to test the up trend line support, a break below the trend line support may imply that the pair is topping on 4 hours chart, and further fall towards 1.2677 level can be expected in the next several days.

GBPUSD

20061102_gbpusd_1.gifGBPUSD is testing the resistance at 1.9142 (the day high of August 8) and may be topping at 1.9135 on 4 hours chart. It would pull back below the price channel and form a sideways consolidation in a range between 1.8956 and 1.9135 in the next several days.

USDCHF

20061102_usdchf_1.gifUSDCHF is bottoming at 1.2405 on 4 hours chart, and further rise towards 1.2528 to form a sideways consolidation is possible in the next several days.

AUDUSD

20061102_audusd_1.gifAUDUSD may be topping at 0.7766 on 4 hours chart, and pullback towards the bottom of the price channel can be expected in the next couple of days. Key support is now at 0.7671, a break below the level may imply the end of the up trend.

USDCAD

20061102_usdcad_1.gifThe key resistance at 1.1286 is broken above and USDCAD bottomed at 1.1176 on 4 hours chart. The pair may be in up trend now, and more sharply rise above 1.1413 previous high to reach the next cycle top on daily chart is still possible in the next one or two weeks.

USDJPY

20061102_usdjpy_1.gifUSDJPY is moving higher to test the down trend line resistance, a break above the trend line resistance may label the cycle bottom at 116.57 on 4 hours chart, and the pair would form a sideways consolidation in the next several days.