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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated January 19, 2007, 5:22 pm

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Fri, 19 January 2007 13:10:01
Resistance levels: 1.3000/1.3015/1.3053
Support levels: 1.2930/1.2900/1.2865
EUR/USD has eased down below 1.2950 after London Opening earlier. Price has found strong Support and base around 1.2900 yesterday. The only fundamental news today is Michigan Consumer Sentiment Index at 14:45 GMT from USA. The expectations are for reading at 92.0. If the number comes out at 94 or higher test of 1.293020 area may be seen after the release. If the deviation is substantional, 1.2900-2895 key Support area may be tested again. On the other side, if the reading is below 90.0 , retest of 1.3000-03 daily high area is possible till the trading week close. The bias remains positive for test of 1.3030 and even 1.3050-53 first important upside target area as long as price is above 1.2900.

Strategy-neutral.

FXDREAM GBP/USD

Date: Fri, 19 January 2007 13:10:01
Resistance levels: 1.9780/1.9810/1.9848
Support levels: 1.9700/1.9640/1.9590

GBP/USD has retested 1.9779 yesterday high earlier today as it was suggested after better than expected UK Retail Sales numbers. We have booked 60 pip profit for the first half of our Long postion at 1.9775. Unfortunately, few minutes later, the second part of the position has been stopped at entry price. As long as price is above 1.9700 the bias remains postive for another test of 1.9780 Resistance and even higher towards 1.9800-05 area on big US data deviation. In longer term the target is at 1.9848 previous high and regord level. On the other side, strong data from USA may push price lower below 1.9700 crucial Support. Look to buy on pullback for test of 1.9800 and 1.9848 next week.

Strategy-neutral.

FXDREAM USD/JPY

Date: Fri, 19 January 2007 13:10:01
Resistance levels: 121.42/121.90
Support levels: 120.90/120.30/119.70

USD/JPY has remained quiet above 121.00 today.No change in our view. The bias remains positive as Bank of Japan has left the interest rate unchanged at 0.25%. The next target is in the 121.80-90 area. On downside, first Support comes at 120.90-80 area previous high ahead of 120.30 key one. Look to buy on pullback below 121.00 for test of 121.80-90 area.

Strategy-neutral.



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