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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated October 31, 2006, 7:17 am

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Tue, 31 October 2006 13:10:01
Resistance levels: 1.2745/1.2800/1.2830
Support levels: 1.2660/1.2625/1.2580
EUR/USD has held above 1.2660-55 first important Support area earlier today after strong data from Eurozone. Now markets are focused on US Consumer Confidence coming out together with Chicago PMI Indicator at 15:00 GMT. Consumer Confidence below 104.5 points( worse than the previous month) would be very bullish for the pair and we may see price rising towards 1.2760 later today and 1.2830 in longer term. On the other side, a number above 108.0 points expected may turn price down towards 1.2555 and even 1.2625-20 area in the next trading sessions.

Strategy-neutral.

FXDREAM GBP/USD

Date: Tue, 31 October 2006 13:10:01
Resistance levels: 1.9040/1.9075/1.9140
Support levels: 1.8960/1.8900/1.8860

GBP/USD has risen to 1.9030 on stronger than expected UK Consumer Confidence in October, after testing 1.8960 first Support earlier today. As long as price is above 1.8960 the bias remains positive for test of 1.9075 previous top at least. On downside, a break below 1.8960 later today may turn price back towards 1.8900. In short term, the next direction will depends on US Consumer Confidence at 15:00 GMT later today.

Buy GBP/USD at 1.8990,Stop-loss-1.8955,Take profit-1.9060(1.9100)

FXDREAM USD/JPY

Date: Tue, 31 October 2006 13:10:01
Resistance levels: 118.05/118.40/118.70
Support levels: 117.30/117.15/116.65

USD/JPY has risen to 118.05 after Bank of Japan Report earlier today. Further upmove towards 118.40 and even 118.70 may be seen in the next couple of days. On downside, first Support comes at 117.30 ahead of 117.14 bottom . Stay aside for now

Strategy-neutral.



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