# Short Term Analysis – November 24, 2006

USDCAD may be bottoming on 4 hours chart, the rebound from 1.1380 is treated as in correction to the down trend, and further fall towards 1.1250 level can be expected after this correction. Key resistance is at 1.1492, only break above this level may signal the resumption to the up trend.

USDJPY

USDJPY is bottoming at 116.02 on 4 hours chart, rebound towards 117.00 level to reach the next cycle top can be expected in a couple of trading days. Near term support is at 116.02, and followed by 115.57 previous low.

USDCHF

USDCHF is in down trend and further fall towards 1.2182 (the day low of August 21) is still possible after pullback towards 1.2280 level. Near term resistance is at the down trend line (from 1.2536 to 1.2450), only break above the trend line resistance may delay the resumption of the down trend.

AUDUSD

AUDUSD is in up trend and further rise above 0.7766 to reach the next cycle top would more likely be seen in a couple of trading days. Near term support is at the up trend line (from 0.7642 to 0.7681), only break below the trend line support may signal the reversal to the up trend.

GBPUSD

GBPUSD is testing 1.9177 previous high resistance, and further rise above this level to meet another cycle top is still possible after a slightly correction. Near term support is at the up trend line, and as long as the trend line support holds, up trend will continue.

EURUSD

EURUSD is testing the resistance at 1.2978 (the day high of June 5), and pullback to the bottom of the price channel would more likely be seen before breaking above 1.2978 resistance.