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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated August 2, 2006, 7:08 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Wed, 2 August 2006 13:10:01
Resistance levels: 1.2825/1.2860/1.2920
Support levels: 1.2780/1.2720/1.2660
EUR/USD has eased down towards 1.2790-80 area in the morning European trade as it was suggested. If it holds, later today rebound towards 1.2860 may be seen. If it is broken further downmove towards 1.2725-20 key Support area is not ruled ahead of ECB Rate Decision tomorrow. The bias remains bullish for test of 1.2860 in the next couples of days. Look to buy dips towards 1.2780 for test of 1.2860 in the next couples of days.

Strategy-neutral.

FXDREAM GBP/USD

Date: Wed, 2 August 2006 13:10:01
Resistance levels: 1.8785/1.8840/1.8880
Support levels: 1.8710/1.8670/1.8630

GBP/USD has squeezed down to 1.8730 earlier today. The sentiment remains bullish for the pair as long as price is above 1.8715-10 region . A break above 1.8785 highs is needed for test of 1.8840-50 area and even further towards 1.8880 in the next couples of days ahead of US key Jobless numbers on Friday. On downside, a break below 1.8715 may risk further retreat down to 1.8670 later today. Look to buy on dips for retest of 1.8785 highs and 1.8850 in the next couples of days.

Strategy-neutral.

FXDREAM USD/JPY

Date: Wed, 2 August 2006 13:10:01
Resistance levels: 114.90/115.30/116.00
Support levels: 114.20/113.90/113.40

USD/JPY has recovered up towards 114.90 first crucial Resistance earlier today after test of 114.20 key Support in Asia. A break above 114.90 may turn price back to 115.30-35 previous high area. In longer term the sentiment remains bearish for test of 113.40 previous lows. We prefer to stay aside for now..

Strategy-neutral.

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