Short Term Analysis - August 30, 2006

USDCAD
USDCAD is forming a side ways consolidation on 4 hours chart, in a range between 1.1048 and 1.1133. It is still in down trend and further fall below 1.1048 is possible later today. But the cycle bottom on daily chart is nearing, so we don’t suggest to take short positions at this moment.

USDCHF
USDCHF broke down the key support at 1.2292 and topped at 1.2422 on 4 hours chart. The pair is in down trend now and further fall towards 1.2182 previous low is possible in the next several days.
EURUSD
EURUSD is bottoming on 4 hours chart, key resistance is now at 1.2841, a break above this level may signal the cycle bottom at 1.2725 and then up trend will resume. The target of this up trend would be above 1.2937 previous high.
USDJPY
Key support at 116.85 has broken below, USDJPY has topped at 117.40 on 4 hours chart. The pair is testing the price channel support. Up trend would resume if this support holds. On the other side, if this support gives way, the pair would fall down towards 116.09 level.
AUDUSD
Key resistance at 0.7607 is broken above and AUDUSD bottomed at 0.7550 on 4 hours chart. Further rise towards 0.7668 previous high is possible later today. Key support is now at 0.7550, a break below this level may signal the resumption of the down trend.
GBPUSD
Key resistance at 1.8994 is broken above and up trend of GBPUSD resumes. Further rise above 1.9142 previous high is possible in the next several days. Key support is at 1.8829, as long as this support holds, up trend will continue.