Short Term Analysis – November 6, 2007

20071106_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 after a slightly correction. Near term resistance is at the down trend line, and as long as the trend line resistance holds, down trend will continue.

20071106_eurusd_1.gifEURUSD
EURUSD is in consolidation to the up trend. Further pullback towards 1.4403 is still possible later today. Up trend will resume after consolidation, and a break above 1.4527 level will signal the resumption of the up trend.

20071106_gbpusd_1.gifGBPUSD
GBPUSD formed a short term cycle top at 2.0897 level. Now the pair is in consolidation to the up trend. Further fall towards 2.0700 area to reach the next cycle bottom is still possible in a couple of days. Up trend will resume after consolidation, and a break above 2.0897 level will signal the resumption of the up trend.

20071106_audusd_1.gifAUDUSD
AUDUSD is forming a sideways consolidation 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.

20071106_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.

20071106_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 0.9521, 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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