Short Term Analysis – October 1, 2007

AUDUSD broke above the long term key resistance at 0.8870 (July 25 high). Further rise towards 0.9100 is expected. Near term support is at 0.8770 and followed by 0.8605, only break below 0.8605 level will signal the reversal to the up trend.

EURUSD is in up trend, the rise form 1.3360 (Aug 16 low) extended to as high as 1.4281, further rise towards 1.4350 to reach the next cycle top on 4 hours chart is still possible later today. Key support is at 1.4110, a break below this level will signal consolidation to the up trend, and pullback towards 1.4150 area is expected to follow.

USDCAD broke below 0.9935 last Friday, and down trend resumed. Further fall towards 0.9800 is expected. Near term resistance is at 1.0094, only rise above this level will indicate lengthier correction to the down trend.

USDJPY traded in a range between 113.97 and 116.36. A break above 116.36 level will signal the resumption of the up trend and rise towards 119.00 is expected. Near term support is at 113.97, if gives way, the price will find support at 112.58 previous low.

As expected, GBPUSD broke above 2.0319 previous high resistance. Further rise towards 2.0600 is still possible later today. Near term support is at the up trend line, and as long as the trend line support holds, up trend will continue.

USDCHF broke below 1.1637 previous low last Friday. Further fall towards 1.1500 area is still possible later today. Near term resistance is at 1.1740, and as long as this resistance holds, down trend will continue.

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