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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated July 17, 2006, 7:29 am

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Mon, 17 July 2006 13:10:01
Resistance levels: 1.2575/1.2615/1.2685
Support levels: 1.2520/1.2480/1.2430
EUR/USD has dipped sharply directly down to 1.2520 earlier today. The bias looks strongly bearish for the pair with likely test of 1.2480-75 key Support area and previous lows till the end of the day. On the upside first Resistance lies in the 1.2575-80 region. Look to sell on pullback towards 1.2560 and higher for a test of 1.2480 in short term. In longer term, a break below 1.2475 may give sope for test of 1.2330 in the upcoming days.

Strategy-neutral.

FXDREAM GBP/USD

Date: Mon, 17 July 2006 13:10:01
Resistance levels: 1.8260/1.8340/1.8420
Support levels: 1.8190/1.8140/1.8090

GBP/USD has dropped sharply below 1.8260 target down to 1.8190 strong Support. The bias remains bearish but loss of momentum may cause retreat up to 1.8260 later today. A break below 1.8190 is likely to send price lower to 1.8139 later today. In longer term, breakout below 1.8190 give scope for further downmove towards 1.8090 previous lows in the next days and 1.7930 in the upcoming weeks. Look to sell on pullback to 1.8260 for retest of 1.8190 and 1.8140 or a break below 1.8190 for test of 1.8090 previous lows.

Strategy-neutral.

FXDREAM USD/JPY

Date: Mon, 17 July 2006 13:10:01
Resistance levels: 117.20/118.00
Support levels: 116.50/116.00/115.55

USD/JPY has risen higher beyon 117.00 earlier today. Loss of momentum may cause pullback down to 116.70 in short term before the next up wave for test of 118.00 in the medium term. The uptrend remains intact with final target at 119.30 for the week. First Support lies in the 116.55-50 area. Look to buy on downsticks for test of 118.00 in the next couples of days.

Strategy-neutral.

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