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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated July 3, 2006, 7:10 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Mon, 3 July 2006 13:10:01
Resistance levels: 1.2815/1.2850/1.2920
Support levels: 1.2735/1.2685/1.2620
EUR/USD has squeezed to 1.2808 in the morning European trade. Unfortunately, our Long position at 1.2700 has been stopped at 1.2765 earlier today with 65 pip profit. The sentiment remains bullish for the pair and test of 1.2845-50 may be seen in the next trading sessions today and tomorrow. We have US ISM Manifacturing later today at 14:00 GMT. First crucial Resistance comes at 1.2815. In longer term 1.2970 previous highs may be retested in the next two weeks. On downside, first important Support lies in the 1.2740-30 region. Look to buy again on dips for test of 1.2850 and 1.2920 ahead of ECB Decision on Thursday. Tomorrow US Market will be closed for Indipendence Day.

Strategy-neutral.

FXDREAM GBP/USD

Date: Mon, 3 July 2006 13:10:01
Resistance levels: 1.8500/1.8560/1.8600
Support levels: 1.8425/1.8370/1.8315

GBP/USD has has surged towards 1.8500 on Friday passing through our target at 1.8460. We have closed our Long position for 130 pip profit. Now the sentiment remains positive in medium term with possible test of 1.8560 key Resistance level in the next couples of days. A break above 1.8560 is needed as a sign for retest of 1.9020 previous highs in the upcoming weeks. In short term, consolidation down to 1.8370 key Support is not ruled out too. First immediate Support is lies in the 1.8435-30 area. Look to buy on dips towards 1.8370 for retest of 1.8490 Friday highs and 1.8560.

Buy GBP/USD at 1.8370,Stop-loss-1.8330,Take profit-1.8490(1.8560)

FXDREAM USD/JPY

Date: Mon, 3 July 2006 13:10:01
Resistance levels: 114.90/115.25/115.80
Support levels: 114.15/113.90/113.20

USD/JPY has made consolidation to 114.92 in the early European trade session. The sentiment remains negative for the pair and further weakness down towards 113.30-20 area is likely to be seen in the next couples of days. Any upmove may stay capped by 115.20-25 key Resistance area. Look to sell on upsticks for test of 114.10 previous lows and then 113.30.

Strategy-neutral.

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