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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated July 20, 2006, 8:48 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Thu, 20 July 2006 13:10:01
Resistance levels: 1.2680/1.2730/1.2760
Support levels: 1.2600/1.2560/1.2515
EUR/USD has risen further towards 1.2640 in the morning European trade following the positive bias for the pair after Bernanke dovish Comments yesterday. Later today further upmove towards 1.2680-85 region may be seen. First immediate Support lies in the 1.2600-2590 region now. A break below may risk retreat down to 1.2560. In longer term , 1.2760 target may be set for the pair. Hold Long trailing stop-loss higher to entry price for further rise to 1.2680 and 1.2730 in near term.

Holding EUR/USD Long at 1.2600,Stop-loss-1.2600(up from 1.2565),Take profit-1.2680(1.2720)

FXDREAM GBP/USD

Date: Thu, 20 July 2006 13:10:01
Resistance levels: 1.8560/1.8600/1.8650
Support levels: 1.8450/1.8400/1.8360

GBP/USD has surged beyond our target at 1.8500 earlier today supported by strong fundamental data from UK. The bias remains bullish with further upmove towards 1.8560-80 region possible after US Opening today. On downside, first strong Support comes in the 1.8450-40 region. Fall below 1.8450 risks reverslal down to 1.8390-80 area.

Strategy-neutral.

FXDREAM USD/JPY

Date: Thu, 20 July 2006 13:10:01
Resistance levels: 117.20/117.90/118.40
Support levels: 116.60/116.00/115.50

USD/JPY has remained in congestion in the last trading hours as price has remained in narrow ranges between 116.55 previous low and 117.00 level. The bias remains bearish for test of 116.00 later today after rebound to 117.00-15 first Resistance area. A break below 116.00 may take price even lower to 115.50 previous lows till the end of the week.

Strategy-neutral.

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