Short Term Analysis – November 3, 2006

EURUSD

20061103_eurusd_1.gifEURUSD is testing the up trend line support, a break below this support may imply that the pair is topping on 4 hours chart, and further fall towards 1.2677 level to form a sideways consolidation can be expected in the next several days.

USDCHF

20061103_usdchf_1.gifUSDCHF is bottoming at 1.2405 on 4 hours chart, and further rise above the near term resistance at 1.2477 towards 1.2528 to form a sideways consolidation is possible in the next several days.

AUDUSD

20061103_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 at 0.7671, a break below the level may imply the end of the up trend.

GBPUSD

20061103_gbpusd_1.gifGBPUSD is testing the resistance at 1.9142 (the day high of August 8) and is topping at 1.9135 on 4 hours chart. It will pull back below the near term support at 1.9033 and form a sideways consolidation in a range between 1.8956 and 1.9135 in the next several days.

USDJPY

20061103_usdjpy_1.gifUSDJPY is testing the down trend line resistance, a break above the trend line resistance may imply that the pair is bottoming at 116.57 on 4 hours chart, and it would form a sideways consolidation in the next several days.

USDCAD

20061103_usdcad_1.gifUSDCAD is in up trend and further 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. Key support is now at 1.1302, only break below this level may delay the resumption of the up trend.