Short Term Analysis – November 10, 2006

USDJPY

20061110_usdjpy_1.gifUSDJPY is topping at 118.58 on 4 hours chart, key support is at 117.24, a break below this level may confirm the cycle top, and further fall towards 116.57 previous low can be expected after the key support is broken below.

USDCAD

20061110_usdcad_1.gifUSDCAD is in correction to the up trend, and further fall below 1.1254 to reach the next cycle bottom can be seen in the next several days, and the target may be at the up trend line, drawing from 1.1085 (the day low of September 28) and 1.1176 (the day low of October 30).

USDCHF

20061110_usdchf_1.gifThe support at 1.2437 is broken below, the down trend of USDCHF resumes, and further fall towards 1.2300 can be expected in the next several days. Near term resistance is at 1.2523, and as long as this resistance holds, down trend will continue.

AUDUSD

20061110_audusd_1.gifAUDUSD is bottoming at 0.7644 on 4 hours chart, and further rise higher to test the previous high resistance at 0.7759 is possible in the next several days. Near term support is at 0.7644, a break below this level may pull price back towards 0.7600 level.

EURUSD

20061110_eurusd_1.gifThe resistance at 1.2818 is broken above, the up trend of EURUSD resumes, and further rise towards 1.2937 previous high can be expected in the next several days. Near term support is at 1.2745 level, and as long as this support holds, up trend will continue.

GBPUSD

20061110_gbpusd_1.gifGBPUSD is in correction to the up trend, and rise above 1.9135 can be expected in the next several days. Key support is now at 1.8973, only break below this level may signal the reversal to the up trend.