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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated August 1, 2006, 6:36 am

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Tue, 1 August 2006 13:10:01
Resistance levels: 1.2780/1.2825/1.2860
Support levels: 1.2720/1.2660/1.2610
EUR/USD has found Support around 1.2720 earlier today and price has rosen up towards 1.2780 supported by strong fundamental data after London Opening. Now market will be focused on US PCE and Personal Income and Personal Spending data at 12;30 GMT and ISM Manifacturing at 14:00 GMT. A break above 1.2780 is needed for test of 1.2825 and 1.2860 later today. On downside, stronger than expected Data from USA may turn price back towards 1.2720 and even lower towards 1.2690 later today. Look to buy a break above 1.2770-80 area for test of 1.2850-60 or buy dips around 1.2690 for retest of 1.2780 tomorrow.

Strategy-neutral.

FXDREAM GBP/USD

Date: Tue, 1 August 2006 13:10:01
Resistance levels: 1.8680/1.8760/1.8840
Support levels: 1.8610/1.8550/1.8520

GBP/USD has tested 1.8680 first immediate Resistance earlier today supported by strong fundamental data from UK. The next direction in short term will depends on US Data Release at 12:30 GMT and 14:00 GMT. Soften than expected data may push price higher for test of 1.8750-60 area later today. On the other side, retrace down towards 1.8550 key Support and previuos low also is not ruled out later today. Look to buy on on a break above 1.8680 for test of 1.8750 and 1.8840 in longer term.

Buy GBP/USD at 1.8680,Stop-loss-1.8645,Take profit-1.8745(1.8790)

FXDREAM USD/JPY

Date: Tue, 1 August 2006 13:10:01
Resistance levels: 114.90/115.30/116.00
Support levels: 114.10/113.90/113.40

No change in our view since our previous report after quiet morning European trade. USD/JPY has recovered to 114.80-90 strong Resistance area in Asia. But as long as price is below 114.90 the sentiment remains negative for the pair and there are chances of another down wave towards 114.10 and 113.40 in longer term. On the upside, a break above 114.90 may take price higher towards 115.30 in near time.

Strategy-neutral.

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