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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated July 5, 2006, 7:12 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Wed, 5 July 2006 13:10:01
Resistance levels: 1.2820/1.2850/1.2920
Support levels: 1.2730/1.2685/1.2620
EUR/USD has reveresed down below 1.2760 previous strong Support earlier today. First Support now comes in the 1.2735-30 region. A break below may turn price back towards 1.2695-85 ahead of ECB Rate Decision tomorrow. On the upside, rise above 1.2800 gain is needed as confirmation for sharp rally towards 1.2850. Unfortunately, our Long at 1.2770 has been stopped at 1.2760 earlier today for a small 10 pip loss. Look to buy on downsticks ahead of ECB Rate Decision tomorrow.

Strategy-neutral.

FXDREAM GBP/USD

Date: Wed, 5 July 2006 13:10:01
Resistance levels: 1.8485/1.8500/1.8560
Support levels: 1.8383/1.8315/1.8260

GBP/USD has dipped down below 1.8383 previous lows and key Support. If the Support holds on first test rebound back towards 1.8485 is possible ahead of tomorrows events. If, however, it is broken, further fall down to 1.8315 may be seen later today. In longer term, as long as price is above 1.8383 there are chances of test of 1.8560 key Resistance till the end of the week. Hold cautious Long at 1.8385 for rebound back towards 1..8485.

Holding GBP/USD Long at 1.8385,Stop-loss-1.8345,Take profit-1.8480(1.8560)

FXDREAM USD/JPY

Date: Wed, 5 July 2006 13:10:01
Resistance levels: 115.25/115.40/115.85
Support levels: 114.40/114.15/113.20

USD/JPY has risen for a test of 115.20-25 crucial Resistance area led by geopilitical reasons. A break higher may take price to 115.80 key Resistance later today. On downside, a break below 114.15 previous lows is needed for test of 113.30-20 area. First strong Support lies at 114.40. Stay aside for now.

Strategy-neutral.

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