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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated October 24, 2006, 7:17 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Tue, 24 October 2006 13:10:05
Resistance levels: 1.2550/1.2600/1.2640
Support levels: 1.2505/1.2485/1.2457
EUR/USD is trading in narrow range between 1.2520 and 1.2550 first minor Resistance today ahead of FOMC Meeting tomorrow. Price is likely to remain ranged today with further slight squeeze towards 1.2550-60 area possible in short term. On downside, further downmove towards 1.2505 bottom may be seen in the next trading sessions as the bias is bearish in short term for the pair. A break below may open territory for test of 1.2457 down target over the next couple of days ahead of FOMC Meeting tomorrow.. On the upside, first minor Resistance comes at 1.2555 previous Support ahead of 1.2595-2600 strong Resistance area

Strategy-neutral.

FXDREAM GBP/USD

Date: Tue, 24 October 2006 13:10:05
Resistance levels: 1.8740/1.8780/1.8860
Support levels: 1.8670/1.8650/1.8600

GBP/USD has fallen to 1.8673 after weak UK CBI Industrial trends Survey number earlier today. The bias has turned back into bearish ahead of FOMC Policy Announcement on Wednesday.As long as price is below 1.8740 first Resistance further downmove towards 1.8650 and even 1.8600 maybe seen ahead of FOMC Event. On the other side, a break beyond 1.8740 may squeeze price higher to 1.8780 later today. Stay aside as range trade may be seen today.

Strategy-neutral.

FXDREAM USD/JPY

Date: Tue, 24 October 2006 13:10:05
Resistance levels: 119.80/120.00 /120.30
Support levels: 119.10/118.80/118.00

USD/JPY has risen further beyond 119.35 as it was suggested.The bias has reversed into bullish for test of 120.00 top after the break beyond 119.18 previous first important Resistance .On the other side first Support comes in the 119.10 ahead of 118.80. Look to buy on pullback towards 119.10 for retest of 119.77 and 120.00 top.

Strategy-neutral.

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