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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated May 8, 2006, 6:57 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Mon, 8 May 2006 13:10:05
Resistance levels: 1.2780/1.2830/1.2890
Support levels: 1.2740/1.2700/1.2650
EUR/USD has risen to new highs at 1.2784 earlier today. Later today further rally towards 1.2820-30 target area may be seen. The bias remains bullish for the pair with first minor Support around 1.2740. The markets will be focused on Wednesday FEDs Meeting. Interest hike to 5% is expected on Wednesday that may give temporary strength to the US Dollar.

Strategy-neutral.

FXDREAM GBP/USD

Date: Mon, 8 May 2006 13:10:05
Resistance levels: 1.8688/1.8710/1.8750
Support levels: 1.8620/1.8590/1.8545

GBP/USD has surged beyond 1.8665-70 earlier today. Until price is above 1.8605-00 there are chances of further rally towards 1.8710 later today. In short term pullback towards 1.8623-15 first Support area may be seen. In longer term, until price is above 1.8545 key Support the bias will remain bullish. Pullback may be seen on Wednesday after FEDs interest rate decision. We will try to buy on dips for a test of 1.8688-1.2710 region.

Buy GBP/USD at 1.8625,Stop-loss-1.8590,Take profit-1.8688(1.8740)

FXDREAM USD/JPY

Date: Mon, 8 May 2006 13:10:05
Resistance levels: 111.60/112.30/112.80
Support levels: 111.00/110.60/110.00

USD/JPY has fallen further down to 111.00 earlier today. At these levels price meets temporary Support and pullback back towards 111.60 may be seen, before the next down wave to 110.60 in short term. In longer term we may target 109.00 for the upcoming days. There is key Resistance lying around 112.30. The sentiment remains bearish for te pair.

Strategy-neutral.

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