Short Term Analysis - August 21, 2006

USDJPY
USDJPY is in down trend, it would break down 115.18 previous low support to reach to its next cycle bottom on 4 hours chart in the next several days. The first target would be in 113.96-114.67 area.

USDCAD
USDCAD is bottoming on 4 hours chart. Further rise above 1.1317 previous high resistance is possible in the next several days. Key support is at 1.1142, only break below this level may signal the resumption of the down trend.
EURUSD
EURUSD is in up trend and further rise above 1.2911 previous high resistance to reach its next cycle top on 4 hours chart is possible later today. Key support is at 1.2780, only break below this level may signal a reversal to the up trend.
AUDUSD
AUDUSD broke down the up trend line support and it is in down trend now. Further fall towards 0.7400 area is possible in the next several days.
GBPUSD
GBPUSD may be bottoming on 4 hours chart, further rise higher to test the key resistance at 1.9023 is possible later today, a break above this resistance will confirm the cycle bottom. On the other side, fall towards 1.8700 is still possible if near term support at 1.8774 is broken below.
USDCHF
USDCHF is in down trend and further fall below 1.2237 to reach its next cycle bottom on 4 hours chart is possible later today. Key resistance is now at 1.2379, only break above this level may signal a reversal to the down trend.