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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated October 4, 2006, 7:33 am

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Wed, 4 October 2006 13:10:03
Resistance levels: 1.2718/1.2760/1.2800
Support levels: 1.2680/1.2653/1.2630
EUR/USD has dropped sharply below 1.2680 Support earlier today after weak EU PMI Services Index. Price has fallen back in negative territory and retest of 1.2630 bottom is not ruled out in the next trading sessions. In longer term 1.2570 target becomes intact. Now markets are waiting for the important US ISM Non-Manifacturing Index at 14:00 GMT ahead of Bernanke Speech later today at 16:45. Numbers beyond 55 may be bullish for the US Dollar sending price lower towards 1.2653 and 1.2630 bottom later today. On the upside, ISM Index below 50 may turn price back towards 1.2718 first Resistance at least later today.

Strategy-neutral.

FXDREAM GBP/USD

Date: Wed, 4 October 2006 13:10:03
Resistance levels: 1.8850/1.8900/1.8918
Support levels: 1.8770/1.8720/1.8630

GBP/USD has fallen sharply to 1.8777 low earlier today following EUR weakness. UK PMI Services Index came weaker than expected at 57.0 . The bearish sentiment has been resumed for test of 1.8720 later today and 1.8630 bottom in mid-term. In short term , markets are focused on US ISM Non-Manifacturing Index in an hour. Weak data may cause retrace towards 1.8840-50 area later today. On the other side, ISM Index at 55 or higher may accelerate the downmove to 1.8720 later today. Unfortunately, our Long position has been stopped at 1.8830 with 40 pips loss. Look to sell a break below 1.8780 for test of 1.8720 and 1.8630 in longer term.

Sell GBP/USD at 1.8782,Stop-loss-1.8815,Take profit-1.8720(1.8650)

FXDREAM USD/JPY

Date: Wed, 4 October 2006 13:10:03
Resistance levels: 118.28/118.42/118.75
Support levels: 117.85/117.50/117.20

USD/JPY has risen further to 118.28 earlier today. The uptrend has resumed for retest of 118.42 previous high level and higher towards 118.75 target. On downside, first minor Support comes at 117.80 ahead of 117.50 crucial one. Look to buy on downsticks for test of 118.75 in the next trading sessions.

Strategy-neutral.



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