The provision of personal communication services is the goal of the evolution of integrated communication systems. The fundamental problem underlying any phase (hand-off, new connection, etc.) of a dynamic resource allocation algorithm in a wireless network is to assign transmission powers, forward (downstream) and reverse (upstream) channels, and base stations such that every mobile of the system can establish a connection. Each one of these problems separately has been studied extensively. We consider the joint problem in a system with two base stations. An algorithm that achieves the optimal assignment is provided. It involves the computation of a maximum matching in a graph that captures the topological characteristics of the mobile locations. The traffic capacities, in terms of expected number of connections per channel, of the forward and reverse channel are obtained and compared, for both cases of power control and nonpower control. It turns out that when the transmission power is fixed, the capacities of the forward and reverse channel are different, while when power control is allowed they are the same. For systems with two mobiles the capacities of the forward and reverse channels are studied analytically. Finally, several versions of the two-way channel assignment problem are studied.