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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated May 15, 2006, 7:21 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Mon, 15 May 2006 13:10:04
Resistance levels: 1.2855/1.2885/1.2970
Support levels: 1.2790/1.2760/1.2710
EUR/USD has dropped in the morning European trading session down to 1.2794 after massive profit taking. Now markets are focused on on the Release of the US portfolio flows data at 13: GMT. Strong Data may support the USD for further downmove in price down to 1.2760 later today. At these levels the pair may find strong Support and rebound back towards 1.2850 is not ruled out. On the upside, weak data from USA may turn price back towards 1.2885 and higher later today. We prefer to stay away as we had very bad losing stream last days.

Strategy-neutral.

FXDREAM GBP/USD

Date: Mon, 15 May 2006 13:10:04
Resistance levels: 1.8900/1.89601.9000
Support levels: 1.87901.8735/1.8650

GBP/USD has dipped below 1.8800 earlier today. Now rebound beyond 1.8890 fisrt Resistance up to 1.8960 again is possible ahead and after US data Release. On downside, better than expected data from USA may push price lower towards 1.8735-30 key Support. In longer term we still favour the bullish bias with first target at 1.9000.

Strategy-neutral.

FXDREAM USD/JPY

Date: Mon, 15 May 2006 13:10:04
Resistance levels: 110.60/111.50/112.20
Support levels: 109.80/109.20/108.75

USD/JPY has tested 110.53 previous highs earlier today. Later today pullback down to 109.25-20 first strong Support and previous lows is not ruled out after US Data Release. On upside, rise above 110.60 is needed as a signal for deeper correction up towards 112.20 gap this week. In longer term the sentiment remains bearish with target at 108.75 important level for the next few days. Strategy-neutral.

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