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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated October 20, 2006, 7:03 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Fri, 20 October 2006 13:10:01
Resistance levels: 1.2640/1.2700/1.2760
Support levels: 1.2580/1.2535/1.2505
EUR/USD has eased further down to 1.2605 in the last few hours on profit taking after strong rally to 1.2640 yesterday. No change in our view. In longer term, the sentiment has turned into bullish for test of 1.2760 next week. First immediate Resistance comes at 1.2640 ahead of 1.2700 stronger one. On downside, further retreat down to 1.2580 first immediate Support and previous Resistance may be seen in near term. The key Support is at 1.2535. Look to buy on retreat towards 1.2580 for retest of 1.2640 and 1.2700.

Strategy-neutral.

FXDREAM GBP/USD

Date: Fri, 20 October 2006 13:10:01
Resistance levels: 1.8860/1.9020/1.9075
Support levels: 1.8780/1.8740/1.8665

GBP/USD has risen for test of 1.8860 after UK GDP Release earlier today exactly as it was suggested in our previous report. We have booked 75 pips profit at 1.8855 for the first part of our Long position. Now the bias remains positive for test of 1.9000-20 area and 1.9075 in longer term. On downside, first Support is in the 1.8790-80 area ahead of 1.8740 key one. Stay Long for test of 1.9000-20 area , trailing stop-loss higher to entry price.

Holding GBP/USD Long at 1.8780,Stop-loss-1.8780( up from 1.8740),Take profit-1.8855(1.9000)

FXDREAM USD/JPY

Date: Fri, 20 October 2006 13:10:01
Resistance levels: 118.50/119.18/119.35
Support levels: 118.00/117.40

USD/JPY has recovered towards 118.45 first immediate Resistance in the last two trading sessions.. The bias remains bearish with next target at 117.40. First Resistance comes in the 118.45-50 area. On the upside, recovery towards 118.75 also is possible in short term. .Look to sell on rebound towards 118.50 and 118.75 for retest of 118.00 Support and 117.40 later today.

Strategy-neutral.

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