Short Term Analysis – October 5, 2007

20071005_gbpusd_1.gifGBPUSD
GBPUSD is bottomed at 2.0278 on 4 hours chart. Rise towards 2.0600 area is expected, and a break above 2.0492 previous high will signal the resumption of the up trend. Near term support is at 2.0278, only break below this level will signal the reversal to the up trend.

20071005_eurusd_1.gifEURUSD
EURUSD might be bottoming at 1.4067 on 4 hours chart, key resistance is at 1.4199, and a break above this level will confirm the cycle bottom. Near term support is at 1.4067, if gives way, fall towards 1.3930 is expected.

20071005_audusd_1.gifAUDUSD
AUDUSD is in up trend, the fall from 0.8948 is treated as consolidation to the up trend. A break above 0.8948 previous high will signal the resumption of the up trend, and further rise towards 0.9100 can be seen. Near term support is at 0.8794, as long as this support holds, up trend will continue.

20071005_usdcad_1.gifUSDCAD
USDCAD is in consolidation to the down trend, further rise towards 1.0100 to reach the next cycle top on 4 hours chart is still possible in the next several days. Near term support is at 0.9908, a break below this level will signal the resumption of the down trend.

20071005_usdjpy_1.gifUSDJPY
USDJPY broke above 116.36 previous high and further rise towards 117.11 (Aug 23 high) is still possible later today, and a break above 117.11 level will signal the resumption of the long term up trend.

20071005_usdchf_1.gifUSDCHF
USDCHF is in down trend, the rise from 1.1622 is treated as consolidation to the down trend, further rise towards 1.1850 area is still possible later today. Near term support is at 1.1712, and a break below this level will signal the resumption of the down trend.

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