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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated September 20, 2006, 7:39 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Wed, 20 September 2006 13:10:01
Resistance levels: 1.2720/1.2758/1.2800
Support levels: 1.2650/1.2605/1.2570
EUR/USD is trading in narrow range ahead of FOMC Policy Announcement later today at 18.45 GMT. The thin range trade is likely to continue in the hours ahead of the event. FED is likely to keep the interest rate unchanged at 5.25%, but hawkish comments may send price lower to 1.2630 after the event and 1.2570 in the next trading sessions. First crucial Support comes at 1.2650. On the upside, bounce towards 1.2758 also is possible after FOMC Meeting. Look to sell a break below 1.2660 for test of 1.2605 nad 1.2570 or buy a break above 1.2720 for test of 1.2758 and 1.2800.

Strategy-neutral.

FXDREAM GBP/USD

Date: Wed, 20 September 2006 13:10:01
Resistance levels: 1.8880/1.8920/1.8960
Support levels: 1.8800/1.8735/1.8660

GBP/USD has remained quiet after Bank of England Minutes earlier today. Bank Of England kept rates on hold at 4.75%. Now markets are waiting for FOMC Announcement later today at 18:45 GMT. The bias is slightly bullish ahead of the event for retest of 1.8920 previous high and higher towards 1.8960. On the other side, a break below 1.8800 may send price for test of 1.8740 later today and 1.8660 tomorrow.

Buy GBP/USD at 1.8860,Stop-loss-1.8820,Take profit-1.8920(1.8960)

FXDREAM USD/JPY

Date: Wed, 20 September 2006 13:10:01
Resistance levels: 117.50/117.80/118.25
Support levels: 116.95/116.50

USD/JPY has found temporary Support in the 117.00-116.95 strong Support area earlier today. As long as price is below 117.50 firts immediate Resistance there are chances of further fall towards 116.50 later today. On the other side, a break above 117.80 is needed for resuming the uptrend towards 118.70-75 area. Stay aside for now.

Strategy-neutral.

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