# Short Term Analysis – November 7, 2006

USDCHF

USDCHF bottomed at 1.2405 on 4 hours chart, and further rise higher to test the resistance of the down trend line, drawing from 1.2768 (the day high of October 13) to 1.2704 (the day high of October 24), is still possible in the next couple of days. Near term support is at 1.2510, a break below this level implies that the pair is topping on 4 hours chart and pullback towards 1.2450 area can be expected.

EURUSD

EURUSD would form a sideways consolidation in a range between 1.2677 and 1.2797 in the next several days. Near term resistance is at 1.2797, a break above this level may signal the resumption of the up trend.

GBPUSD

GBPUSD is in correction to the up trend, and further fall lower to test the support of the up trend line, drawing from 1.8523 (the day low of October 16) and 1.8672 (the day low of October 24), is still possible in the next couple of days. Key resistance is at 1.9135, a break above this level may signal the resumption of the up trend.