Short Term Analysis - August 29, 2006

EURUSD
EURUSD may be bottoming on 4 hours chart, key resistance is at 1.2851, a break above this level may signal the cycle bottom at 1.2725. On the other side, the fall from 1.2937 may not complete and further fall towards 1.2695 is still possible before breaking above 1.2851.

USDJPY
USDJPY may be topping on 4 hours chart, key support is now at 116.85, a break below this level may signal the cycle top at 117.40, and fall towards the bottom of the price channel is possible. On the other side, the pair is still in up trend even though the cycle top on 4 hours chart appears, rise above 118.00 will be seen by the end of this up trend.
USDCHF
USDCHF may be topping on 4 hours chart, key support is at 1.2292, a break below this level may signal the cycle top at 1.2422. On the other side, up trend remains before break below 1.2292 and further rise above 1.2444 to reach the next cycle top is still possible.
USDCAD
USDCAD may be bottoming on 4 hours chart, key resistance is at 1.1133, a break above this level may signal the cycle bottom at 1.1048.
AUDUSD
AUDUSD may be bottoming on 4 hours chart, key resistance is at 0.7607, a break above this level may signal the cycle bottom at 0.7550. On the other side, down trend remains even though breaking above 0.7607, further fall towards 0.7400 level is still possible by the end of this down trend.
GBPUSD
GBPUSD is forming a sideways consolidation in a range between 1.8774 and 1.9023, up trend would resume after breaking above key resistance at 1.8994. Key support is at 1.8829, break below this level may signal the resumption of the down trend.