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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated August 16, 2006, 6:39 am

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Wed, 16 August 2006 13:10:01
Resistance levels: 1.2760/1.2800/1.2840
Support levels: 1.2695/1.2660/1.2610
EUR/USD has remained ranged between 1.2760 first immediate Resistance and 1.2800 earlier today as it was suggested. Today focus will be on US key Consumer Price Index at 12:30 GMT. Lack of correlation between Core PPI yesterday and CPI today is likely to turn price back towards 1.2700 and even 1.2660 . On the other side, a break above 1.2800 after the event may take price higher for retest of 1.2900-10 previous highs area in the next couples of days.

Strategy-neutral.

FXDREAM GBP/USD

Date: Wed, 16 August 2006 13:10:01
Resistance levels: 1.8990/1.9050/1.9112
Support levels: 1.8840/1.8770/1.8720

GBP/USD has eased down to 1.8880 earlier today after UK Events. Now the next direction will depends on US CPI Data in few minutes. A break above 1.8990 is likely to open territory for further rally towards 1.9112 and 1.9142 previous highs in the next couples of days. Intraday the up target is at 1.9050-55. On the other side, 1.8780-70 key Support area remains intact. Look to buy a break of 1.8940 for test of 1.9050 later today. We may try to hedge with USD/CHF position opened.

Buy GBP/USD at 1.8935,Stop-loss-1.8900,Take profit-1.8990(1.9050)

FXDREAM USD/JPY

Date: Wed, 16 August 2006 13:10:01
Resistance levels: 116.37/116.75/117.15
Support levels: 115.85/115.60/115.10

USD/JPY has climbed to 116.37 earlier today ahead of US CPI data in few minutes. Later today there are equal chances of further downmove towards 115.60 and then 115.15 , or retest of 116.75 previous highs and even further towards 117.15 new highs. The next direction will depends on US Data. Look to react after the event.

Strategy-neutral.



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