# Short Term Analysis – November 28, 2006

EURUSD fail to test the resistance of the price channel and is topping at 1.3161 on 4 hours chart. The pair is overbought now, a slightly correction is needed, and pullback towards the bottom of the price channel to reach the next cycle bottom would more likely be seen before the resumption of the up trend.

USDCHF

USDCHF is oversold and is bottoming at 1.2030 on 4 hours chart. A slightly correction is needed, and further rebound towards 1.2150 to reach the next cycle top would more likely be seen before the resumption of the down trend.

GBPUSD

GBPUSD fail to test the resistance of the price channel and is topping at 1.9410 on 4 hours chart. The pair is overbought now, a slightly correction is needed, and pullback towards 1.9275 to meet the next cycle bottom would more likely be seen before the resumption of the up trend.

USDJPY

USDJPY is bottoming at 115.37 on 4 hours chart and further rise towards 116.60 to reach the next cycle top can be expected later today. Near term support is at 115.37, only break below this level may signal the resumption of the down trend.

AUDUSD

AUDUSD is topping at 0.7813 on 4 hours chart, and further fall towards 0.7730 to reach the next cycle bottom is possible in a couple of days. Near term resistance is at 0.7813, a break above this level may signal the resumption of the up trend.