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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated October 17, 2006, 6:35 am

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Tue, 17 October 2006 13:10:01
Resistance levels: 1.2546/1.2580/1.2615
Support levels: 1.2490/1.2457/1.2400
EUR/USD has retreated down to 1.2515 as ZEW Sentiment Index has plunged to its lowest level since 1993. Now markets are waiting for number of fundamental data from USA, led by Producer Price Index and TICs Report at 12:30 GMT. PPI index is expected to come at 0.2%. If it comes out at -0.3% or lower we may see EUR/USD testing 1.2580 first crucial Resistance later today, giving scope for test of 1.2615 and 1.2630 previous bottom over today and tomorrow. On the other side, if it comes o0n positive territory fall towards 1.2457 may start. First Support is at 1.2490. Look to buy for test of 1.2615 on weak US Data or sell for test of 1.2457 on stronger than expected ones.

Strategy-neutral.

FXDREAM GBP/USD

Date: Tue, 17 October 2006 13:10:01
Resistance levels: 1.8700/1.8740/1.8780
Support levels: 1.8630/1.8570/1.8520

GBP/USD has risen after UK Consumer Price Index Release as it was suggested, reaching 1.8687 high. Now focus will be on US PPI Numbers in few minutes. Weak data may renew the upwave towards 1.8725 and 1.8740 later today. On the other side, stronger than expected numbers may turn price back to 1.8600 level later today. First Support is in the 1.8640-30 area. Stay Long for test of 1.8725 and 1.8740 later today, trailing stop-loss higher to 1.8630 at least ahead of the US data release.

Holding GBP/USD Long at 1.8640,Stop-loss-1.8630(up from 1.8600), Take profit-1.8700(1.8740)

FXDREAM USD/JPY

Date: Tue, 17 October 2006 13:10:01
Resistance levels: 119.35/119.77/120.00
Support levels: 118.40/118.00

USD/JPY has fallen further down towards 118.40 strong Support as it was suggested in the last few hours. The sentiment looks bearish for the pair and further fall towards 118.00 level may be seen later today.. On the upside, retreat up towards 119.00 also is not ruled out . Look to sell upsticks for test of 118.00 and lower.

Strategy-neutral.



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