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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated May 16, 2006, 6:57 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Tue, 16 May 2006 13:10:01
Resistance levels: 1.2864/1.2915/1.2970
Support levels: 1.2770/1.2755/1.2690
EUR/USD has recovered to 1.2830 during the morning European trade. Now markets are focused on US House Starting and Producer Price Index at 12:30 GMT. Technically breokuot above 1.2864 first immediate Resistance is needed in order to recover the bull trend towards 1.2915 and 1.2970 previous high. On downside, another down wave towards 1.2755 key Support is likely to be seen after strong US Data. We prefer to stay aside as market may stay choppy one more day.

Strategy-neutral.

FXDREAM GBP/USD

Date: Tue, 16 May 2006 13:10:01
Resistance levels: 1.8890/1.89601.9000
Support levels: 1.8780/1.8735/1.8650

GBP/USD has dropped towards 1.8735 as it was suggested in our latest report, whereas the pair has found strong Support and has rebounded back above 1.8800 during the morning European hours. Later today further upmove towards 1.8870-90 region may be seen. We have important data from USA at 12:30 GMT. Rise above 1.8890 is required as a sign for resuming the uptrend with target at 1.9000. On the other side, 1.8735-30 Support area may limit eventual down wave.

Strategy-neutral.

FXDREAM USD/JPY

Date: Tue, 16 May 2006 13:10:01
Resistance levels: 110.60/111.25/112.20
Support levels: 109.80/109.25/108.75

USD/JPY has risen to 110.90 overnight as it was suggested and price has fallen back towards 109.90-80 first Support region. The sentiment seems neutral for the pair. There are equal chances of further rise towards 111.20-25 later today or fall towards 109.60.and 109.25.We still favour the bearish sentiment with target down to 108.75 for the next few days.

Sell USD/JPY at 110.00,Stop-loss-110.35,Take profit-109.35(108.80)

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