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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated December 18, 2006, 6:26 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Mon, 18 December 2006 13:10:01
Resistance levels: 1.3120/1.3190/1.3215
Support levels: 1.3060/1.3030/1.3000
EUR/USD has remained below 1.3120 immediate Resistance earlier today despite the positive data from Eurozone.. Now the bias remains in negative territory for further downmove towards 1.3030 later today and a break below 1.3000 in mid term. On the upside, a break beyond 1.3120 may boost price for retest of 1.3190 Friday high in the next couples of days. The focus today will be on US Current Account at 13:30 GMT with expected number at -225.billion. If the number comes out at -212 billion or less. it may send price lower for retest of 1.3060 Friday bottom at least. On the other side, if the report comes out at -240 billion or more negative it may surprise the market breaking beyond 1.3130 level for recovery towards 1.3180-90 Resistance area and Friday high. Trade from short side on strong data from USA for retest of 1.3060 low and lower to 1.3030.

Strategy-neutral.

FXDREAM GBP/USD

Date: Mon, 18 December 2006 13:10:01
Resistance levels: 1.9550/1.9665/1.9730
Support levels: 1.9585/1.9465/1.9400

GBP/USD has fallen further to 1.9485 low earlier today as it was suggested . We have booked small 55 pips profit for the first half of our Short position entered at 1.9555 on Friday The bias remains bearish and further downmove 1.9465 last week bottom is likley to be seen later today and even lower to 1.9400 on strong US data..On the upside, first immediate Resistance comes at 1.9550 now ahead of 1.9660-65 Friday high area. In longer term, however, a break beyond 1.9715-30 cluster is needed for resuming the uptrend towards 1.9800 and 1.9848 previous high. Hold GBP/USD Short for for test of 1.9465 bottom later today, trailing stop-loss down to 1.9550

Holding GBP/USD Short at 1.9555,Stop-loss-1.9550( down from 1.9590),Take profit-1.9500(1.9465).

FXDREAM USD/JPY

Date: Mon, 18 December 2006 13:10:01
Resistance levels: 118.00/118.30/118.53
Support levels: 117.40/117.15/116.70

USD/JPY has eased down to 117.69 earlier today. Further recovery down towards 117.15 may be seen later today before Bank of Japan Rate Decision tomorrow. First Support comes at 117.40 low ahead of 116.70 key one. In longer term, the uptrend remains intact for test of 118.50-53 area at least. Stay aside for now looking to buy on pullback below 117.40 for retest of 118.30 Friday high and 118.50 target.

Strategy-neutral.

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