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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated May 10, 2006, 6:56 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Wed, 10 May 2006 13:10:01
Resistance levels: 1.2805/1.2825/1.2890
Support levels: 1.2750/1.2675/1.2610
EUR/USD has stayed below 1.2805 in the early Europaen trade. Markets are focused on FOMC Statement later today at 18:15 GMT. Price is likley to stay range bound between 1.2755-50 First Support and 1.2805 high ahead of the event. The sentiment remains bullish until price is above 1.2750 in short term and rally to 1.2888-90 may be seen after FOMC Statement Announce. On the other side, breakout below 1.2750 is needed as a sign for retrace down to 1.2675-65 region today.

Strategy-neutral.

FXDREAM GBP/USD

Date: Wed, 10 May 2006 13:10:01
Resistance levels: 1.8710/1.8770/1.8845
Support levels: 1.8605/1.8510/1.8470

GBP/USD has bounced back towards 1.8600 after Bank of England update about inflation. Now markets are focused on FOMC Meeting later today. There is immediate Support in the 1.8600-1.8590 area. If it is broken, further downmove towards 1.8515-10 and the 1.8470 may be seen later today. If, however, it holds, there are chances of a rise back towards 1.8734 highs from today. We will try to sell breakout below 1.8600.

Sell GBP/USD at 1.8590, Take profit-1.8625,Take profit-1.8515(1.8475)

FXDREAM USD/JPY

Date: Wed, 10 May 2006 13:10:01
Resistance levels: 111.35/112.30/112.80
Support levels: 110.00/109.60/109.20

USD/JPY has squezeed lower towards 110.00 in the morning European trade. The sentiment remains bearish with chances of further fall down to 109.20 after FOMC Statement. On the other side, positive news for the US Dollar may cause sharp upmove to 111.35 first Resistance after FOMC Desicion, but the sentiment remains bearish as long as price is below 112.20 gap.

Strategy-neutral.

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