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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated December 6, 2006, 7:37 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Wed, 6 December 2006 13:10:01
Resistance levels: 1.3340/1.3370/1.3480
Support levels: 1.3250/1.3220/1.3175
EUR/USD has fallen further below 1.3283 previous double bottom earlier today.Temporary correction towards 1.3220 is not ruled out before the ECB Event tomorrow. The bias remains bullish for retest of 1.3370 and 1.3480 in longer term. First Support now comes at 1.3253 daily low ahead of 1.3220 stronger one Focus will be on ECB Rate Decision at 12;45 GMT on Thursday. Interest rate in the Eurozone is expected to remain at 3.25% , but positive prospects are anticipated tomorrow. Look to buy on pullback towards 1.3220 for test of 1.3370 and 1.3480 over the next couple of days.

Strategy-neutral.

FXDREAM GBP/USD

Date: Wed, 6 December 2006 13:10:01
Resistance levels: 1.9690/1.9740/1.9800
Support levels: 1.9600/1.9550/1.9500

GBP/USD has fallen sharply down to 1.9620 low after disappointing Industrial Production data from UK earlier today. Now the sentiment remains positive for further rally towards 1.9848 yesterday high and and even test of 2.00 in longer term as long as price is above 1.9550 key Support.First important Resistance comes in the 1.9690-9700 area ahead of 1.9740. On downside, a break below 1.9620 may cause further squueze lower to 1.9550 before the key Bank of England Rate Decision tomorrow at 12:00 GMT. Positive prospects are expected. Look to buy on downsticks before the key event tomorrow for retest of 1.9800 and 1.9848 top at least.

Holding GBP/USD Long at 1.9640,Stop-loss-1.9600, Take profit-1.9730(1.9790)

FXDREAM USD/JPY

Date: Wed, 6 December 2006 13:10:01
Resistance levels: 115.00/115.40/115.85
Support levels: 114.40/114.00

USD/JPY has recovered to 115.20-40 area as it was suggested in our previous report. The bias remains bearish for test of 114.00 area in short term and even lower in mid term as long as price is below 115.40 strong Resistance. On the other side, a break above 115.40 is needed for further recovery towards 115.85 next strong Resistance. Look to sell on upsticks towards 115.20-40 Resistance area for retest of 114.43 yesterday low and lower towards 114.00

Strategy-neutral.

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