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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated August 7, 2006, 6:55 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Mon, 7 August 2006 13:10:01
Resistance levels: 1.2910/1.2980/1.3000
Support levels: 1.2835/1.2810/1.2760
EUR/USD has eased down to 1.2845 after quiet morning European session. Price has surged directly beyond our second target at 1.2900 on Friday after disappointing US job data. We have released 110 pip profit for our Long position entered at 1.2790. Now the bias remains bullish for the pair ahead of FOMC Meeting tomorrow. Lack of data today may be reason for a range bound day. First crucial Support is in the 1.2835-10 area. On the upside, a break above 1.2910-13 Friday high may push price higher towards 1.2980 previous high and even 1.3000 in the next couples of days. Look to buy dips towards 1.2835 for retest of 1.2913 and 1.2980.

Buy EUR/USD at 1.2830,Stop-loss-1.2795,Take profit-1.2900(1.2970)

FXDREAM GBP/USD

Date: Mon, 7 August 2006 13:10:01
Resistance levels: 1.9130/1.9170/1.9225
Support levels: 1.9045/1.9020/1.8920

GBP/USD has retraced down to 1.9045 earlier today. A break below may cause further recovery towards 1.9020-00 area later today. GBP/USD has surged to new 15 months record highs at 1.9125 on Friday after weaker than expected US Non Farm Payrolls Numbers. Price has reached directly our second target at 1.9050 for 115 pip profit. Now the sentiment remains bullish for the pair. A break above 1.9125 Friday highs is likely to send price towards 1.9220 in the next couples of days. First crucial Support lies at 1.9020. Look to buy dips towards 1.9020-1.8980 area or a break above 1.9125-30 for a test of 1.9225-30 and higher in the next couples of days.

Strategy-neutral.

FXDREAM USD/JPY

Date: Mon, 7 August 2006 13:10:01
Resistance levels: 115.55/116.05/116.60
Support levels: 114.20/113.90/113.40

USD/JPY has climbed to 115.09 during the morning European trading session. Price has dropped heavily towards 113.90 on Friday as it was suggested. The sentiment remains bearish for test of 113.40 this week as long as price is below 115.55 highs. First immediate Resistance comes at 115.00 ahead of 115.55 Friday highs. Look to sell rally beyond 115.00 today for retest of 113.95 and lower towards 113.40 later this week.

Strategy-neutral.

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