Short Term Analysis – November 2, 2007

20071102_usdcad_1.gifUSDCAD
USDCAD is in down trend. The fall from 0.9824 extended to as low as 0.9418 level, and the rise from 0.9418 is treated as consolidation to the down trend. Further fall towards 0.9200 is still possible after consolidation. Near term resistance is at 0.9573, and as long as this resistance holds, down trend will continue.

20071102_gbpusd_1.gifGBPUSD
GBPUSD is in up trend. The fall from 2.0873 is treated as consolidation to the up trend. Further rise towards 2.1000 is still possible after consolidation. Near term support is at the up trend line from 2.0257 to 2.0563, and as long as the trend line support holds, up trend will continue.

20071102_eurusd_1.gifEURUSD
EURUSD is in up trend. The rise from 1.4125 extended to as high as 1.4503, and the fall 1.4503 is treated as consolidation to the up trend. Further rise towards 1.4600 is still possible after consolidation. Near term support is at 1.4373, and as long as this support holds, up trend will continue.

20071102_audusd_1.gifAUDUSD
AUDUSD formed a short term cycle top at 0.9342 level. However, the fall from 0.9342 is treated as correction to the up trend, further rise towards 0.9600 is still possible after correction, and a break above 0.9342 will signal the resumption of the up trend.

20071102_usdjpy_1.gifUSDJPY
USDJPY formed a short term cycle top at 115.91. Pullback towards 113.23 key support is possible later today, a break below this level will signal the resumption of the down trend, and further fall towards 111.59 (Aug 17 low) will be seen.

20071102_usdchf_1.gifUSDCHF
USDCHF is in down trend, and the fall from 1.1784 extended to as low as 1.1553. Further fall towards 1.1400 is still possible after consolidation. Near term resistance is at 1.1669, and as long as this resistance holds, down trend will continue.

Please click the following links for more short term and long term forex analysis.

USDCHF | USDJPY | EURUSD | GBPUSD | USDCAD | AUDUSD

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