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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated June 7, 2006, 7:14 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Wed, 7 June 2006 13:10:01
Resistance levels: 1.2840/1.2920/1.2980
Support levels: 1.2750/1.2722/1.2690
EUR/USD has stayed range bound in morning European trade. The bias seem to bearish in near term and further downmove towards 1.2750 and 1.2722 is likely to be seen later today. First immediate Support is in the 1.2780-70 area. On the upside, first crucial Resistance comes at 1.2840. Only a break higher may confirm reversal towards 1.2920 and 1.2980 previous high. In medium term, upmove towards the upper side limit of the 1.2750-1.2980 range may be seen tomorrow after ECB Interest Rates Announcement. Buying on dips ahead of the event is worth.

Strategy-neutral.

FXDREAM GBP/USD

Date: Wed, 7 June 2006 13:10:01
Resistance levels: 1.8650/1.8690/1.8735
Support levels: 1.8570/1.8530/1.8500

GBP/USD has retraced up towards 1.8645-50 first Resistance earlier today. The sentiment remains negative as long as price is below 1.8680-90 area and later today further drop down towards 1.8530-25 previous lows and even 1.8500 is likely to be seen ahead of Bank of England Announcement tomorrow. On the upside, a break above 1.8645 may take price higher to 1.8680 later today. Buying on dips around 1.8530 is worth for bounce back towards the upper side of the 1.8530-1.8870 range.

Buy GBP/USD at 1.8530,Stop-loss-1.8490, Take profit-1.8630(1.8690)

FXDREAM USD/JPY

Date: Wed, 7 June 2006 13:10:01
Resistance levels: 113.50/113.80/114.20
Support levels: 112.90/112.48/112.00

USD/JPY has stayed quiet in Europe. We have missed to buy on dips down to 112.91 in Asia(just 1 pip from our Buy order). Now the uptrend towards 113.80-85 and 114.15 remains intact as long as price is above 112.90 first Support. A break above 113.40 is required as a confirmation for further upmove towards 113.80 and higher today. On downside, key Support lies at 112.48.

Strategy-neutral.

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