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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated August 8, 2006, 6:56 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Tue, 8 August 2006 13:10:01
Resistance levels: 1.2875/1.2910/1.2980
Support levels: 1.2810/1.2770/1.2720
EUR/USD has remained unchanged during the morning European trade. Today markets will be focused on FOMC Rate Decision later today at 18:15 GMT. Range bound trade is expected in short term ahead of the event. A break below 1.2805 may take price lower down to 1.2770-60 Support area. On the upside, a break above 1.2875 is needed as a sign for retest of Fridays highs at 1.2907 and higher. After the event at 18:15 GMT sharp rally towards 1.2980 previous record highs is possible . On downside, hawkish FOMC Comments may strengthen the USD for test of 1.2720 after the event. Stay cautious Long, trailing stop-loss higher to entry price as soon as 1.2875-80 area is reached.

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

FXDREAM GBP/USD

Date: Tue, 8 August 2006 13:10:01
Resistance levels: 1.9125/1.9170/1.9225
Support levels: 1.9020/1.8980/1.8920

GBP/USD has remained quiet as markets are waiting for FOMC Rate Announcement later today at 18:15 GMT. In short term, a break above 1.9075 is needed for retest of 1.9125-30 highs ahead of the FOMC Decision. First crucial Support lies at 1.9020 ahead of 1.8880. After the event, pause of interest rate and dovish comments may send price higher for test of 1.9225 in the next couples of days. On the other side, hawkish comments may cause deeper correction down to 1.8920 and 1.8850. Look to buy dips towards 1.9020-1.8980 area or a break above 1.9110 for a test of 1.9225-30 and higher in the next couples of days.

Buy GBP/USD at 1.9110,Stop-loss-1.9070,Take profit-1.9190(1.9225)

FXDREAM USD/JPY

Date: Tue, 8 August 2006 13:10:01
Resistance levels: 115.55/116.05/116.60
Support levels: 114.80/114.20/113.90/113.40

USD/JPY has remained in narrow range above 114.80 first immediate Support in the last few hours. The sentiment remains bearish for test of 113.40 this week as long as price is below 115.55 highs. A break below 114.80 Support may take price lower down to 114.20-00 area later today. On the upside, hawkish FOMC Comments later today at 18:15 GMT may push price higher for test of 116.00-05 region. First crucial Resistance comes at 115.55 Friday high.

Strategy-neutral.

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