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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated July 11, 2006, 7:03 am

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Tue, 11 July 2006 13:10:01
Resistance levels: 1.2760/1.2810/1.2860
Support levels: 1.2700/1.2655/1.2610
EUR/USD has fallen down to 1.2705-00 strong Support area earlier today and price has rebounded back towards 1.2760 first immediate Resistance. Choppy ranged trade is likely to be seen today ahead of US Trade Balance Release tomorrow. A break above 1.2760 may extend the rebound higher towards 1.2790 later today. On downside, a breakout below 1.2700 is needed for further downmove to 1.2655 , which is with less chances to happen in short term term. In longer ter, 1.2865 previous highs may be tested after US Trade Balance Release tomorrow. For now stay aside.

Strategy-neutral.

FXDREAM GBP/USD

Date: Tue, 11 July 2006 13:10:01
Resistance levels: 1.8460/1.8560/1.8600
Support levels: 1.8360/1.8320/1.8260

GBP/USD has retested yesterdays lows in the 1.8365-60 area as it was suggested earlier today. Later today ranged trade between 1.8360 lows and 1.8460 first Resistance is the preferred scenario ahead of US Trade Balance tomorrow. In longer term, test of 1.8560 is likely to be seen tomorrow after US Data Release in case of disappointing balance numbers.

Strategy-neutral.

FXDREAM USD/JPY

Date: Tue, 11 July 2006 13:10:01
Resistance levels: 114.40/114.90/115.30
Support levels: 113.90/113.50/113.15

USD/JPY has risen to 114.47 earlier today, nut loss of momentum may cause pullback down towards 113.90 first crucial Support later today. Test of 114.90 is not ruled out tomorrow after US Data Release. In medium term, however, the bias remains negative after expections about Bank of Japan interest rates hike on Friday and stronger JPY for dip towards 113.45 previous lows and 113.15.

Strategy-neutral.

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