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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated February 6, 2007, 7:34 am

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Tue, 6 February 2007 13:10:05
Resistance levels: 1.2970/1.3000/1.3050
Support levels: 1.2910/1.2880/1.2864
EUR/USD has recovered slightly after London Opening earlier today. Today the focus will be on Paulson Testify later today after 15:00 GMT . The bias remains bearish for retest of 1.2880 and 1.2864 bottom in longer term. Temporary base around 1.2910. On the upside, a break above 1.2867-70 Resistance area is needed for retest of 1.3050 and 1.3070 Friday high in the next couple of days.

Strategy-neutral.

FXDREAM GBP/USD

Date: Tue, 6 February 2007 13:10:02
Resistance levels: 1.9700/1.9730/1.9750
Support levels: 1.9640/1.9590/1.9515

GBP/USD has risen sharply beyond 1.9700 earlier today supported by strong fundamental data from UK. In short term, as long as price is above 1.9640 first immediate Support, further upmove towards 1.9730 may be seen later today after Paulson Comments and even retest of 1.9747 Friday high over today and tomorrow. On downside, a break below 1.9640 may turn price back towards 1.9590-80 Support area. Look to buy on downsticks for test of 1.8730 as long as price is above 1.9640 Support.

Strategy-neutral.

FXDREAM USD/JPY

Date: Tue, 6 February 2007 13:10:02
Resistance levels: 120.55/121.00/121.35
Support levels: 120.00/119.70/119.20

USD/JPY has retested 120.00-119.95 Asia lows earlier today. The bias remains bearish for test lower towards 119.80-70 region in the next trading sessions. On the upside, first immediate Resistance comes in the 120.50-55 region. In longer term, a break beyond 121.35 is needed for reversal towards 122.20 high. Look to sell on upsticks beyond 120.55 for retest of 120.00 and 119.80-70 region.

Strategy-neutral.



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