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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated February 1, 2007, 6:30 am

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Thu, 1 February 2007 13:10:01
Resistance levels: 1.3045/1.3090
Support levels: 1.2980/1.2920/1.2880
EUR/USD has remained ranged ahead of US Core PCE Indicator at 13:30 GMT and IS Manifacturing later at 15:00 GMT. It is expected that PCE will come out at 0.2%. If the reading reads 0.0% or negative, boost towards 1.3045-50 first Resistance area and .1.3090 later today may be seen. On the other side,If the reading comes out at 0.4% or higher, retrace below 1.2980 Support may be seen. ISM Manifacturing is expected at 51.5. Reading below 50 may be extremely bullish for the pair. On the other side, if the indicator comes out at 53 or higher, reversal towards 1.2930-20 area is likely to be seen.

Strategy-neutral.

FXDREAM GBP/USD

Date: Thu, 1 February 2007 13:10:01
Resistance levels: 1.9700/1.9730/1.9800
Support levels: 1.9600/1.9520/1.9475

GBP/USD has remained below 1.9700 despite the better than expected UK Manifacturing PMI earlier today at 09:30 GMT . The bias has reversed into bullish in short term after FOMC Rate Decision yesterday. Now focus will be on US Core PCE and ISM Manifacturing Numbers later today. Soft data may boost price towards 1.9770-80 area later today. First crucial Resistance is at 1.9730. On the other side, stronger than expected data may turn price back below 1.9600 important Support down to 1.9570 later today. We are still holding Long for test of 1.9770-80 area. As soon as price reaches 1.9730, move stop-loss higher to entry price.

Holding GBP/USD Long at 1.9670,Stop-loss-1.9650( up from 1.9630),Take profit-1.9730( 1.9780)

FXDREAM USD/JPY

Date: Thu, 1 February 2007 13:10:01
Resistance levels: 121.00/121.75/122.20
Support levels: 120.15/119.80/119.20

USD/JPY has fallen further down towards 120.17 previous and Support earlier today after Pauslon Comments about the Yen yesterday. The bias remains bearish in short term for retest of 120.15 bottom at least ahead of US Unemployment Numbers on Friday and even lower towards 119.80-70 key Support area. On the other side, rebound towards first immediate Resistance at 121.00 is not ruled out on stronger than expected US data later today

Strategy-neutral.



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