Short Term Analysis – November 5, 2007

20071105_eurusd_1.gifEURUSD
EURUSD is in up trend. The rise from 1.4125 extended to as high as 1.4527. Further rise towards 1.4600 area to reach the next short term cycle top is still possible later today. Near term support is at 1.4403 level, 1.4403 level, only break below this level will signal consolidation to the up trend.

20071105_gbpusd_1.gifGBPUSD
GBPUSD is in up trend. The rise from 2.0257 extended to as high as 2.0897. Further rise towards 2.1000 area to reach the next short term cycle top is still possible later today. 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.

20071105_audusd_1.gifAUDUSD
AUDUSD is in correction to the up trend. It will move without trend in a range between 0.9107 and 0.9342. Further rise towards 0.9500 is still possible after correction and a break about 0.9342 level will signal the resumption of the up trend.

20071105_usdjpy_1.gifUSDJPY
USDJPY formed a short term cycle top at 115.91. Further pullback towards 113.23 is still possible later today. Key support is at 113.23, a break below this level will signal the resumption of the long term down trend.

20071105_usdchf_1.gifUSDCHF
USDCHF is in down trend. The fall from 1.1784 extended to as low as 1.1492 level. Further fall towards 1.1400 area to reach the next short term cycle bottom is still possible later today. Near term resistance is at the down trend line, and as long as the trend line resistance holds, down trend will continue.

20071105_usdcad_1.gifUSDCAD
USDCAD is in down trend. Further fall towards 0.9200 is still possible in a couple of days. Near term resistance is in the down trend line and followed by 0.9573, only break of this level will signal consolidation to the down trend.

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

USDCHF | USDJPY | EURUSD | GBPUSD | USDCAD | AUDUSD

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