| DAILY DAILY FX FORECASTS BY FX DREAM |
FXDREAM EUR/USD
Date: Tue, 4 July 2006 13:10:01
Resistance levels: 1.2820/1.2850/1.2920
Support levels: 1.2760/1.2730/1.2685
EUR/USD has rebounded down to 1.2787 earlier today. Limited volatility may be seen today as markets in USA are closed today for holiday. The bias remains positive for the pair and EUR may strengthen towards 1.2850 later today. A break above 1.2850-60 will open territory for test of 1.2970 previous highs in longer term. First crucial Support lies in the 1.2770-60 region. Look to buy on dips towards 1.2770-60 area for test of 1.2850 later today.
Buy EUR/USD at 1.2770,Stop-loss-1.2735,Take profit-1.2845(1.2900)
FXDREAM GBP/USD
Date: Tue, 4 July 2006 13:10:01
Resistance levels: 1.8470/1.8500/1.8560
Support levels: 1.8410/1.8383/1.8315
GBP/USD has tested 1.8470 first Resistance in the early European hours. The bias remains bullish for the pair with a break above 1.8470 needed for further rally towards 1.8500 and 1.8560. In longer term, a breah above 1.8560 may open territory for retest of 1.9020 highs in the upcoming weeks. On downside, fall below 1.8410 will take price towards 1.8380-60 region later today. Look to buy on dips towards 1.8410 and lower for a rally towards 1.8500 and 1.8560 tomorrow. Today market is likely to stay ranged because of Indipendence Day in USA.
Buy GBP/USD at 1.8385,Stop-loss-1.8345,Take profit-1.8465(1.8550)
FXDREAM USD/JPY
Date: Tue, 4 July 2006 13:10:01
Resistance levels: 114.90/115.25/115.80
Support levels: 114.15/113.90/113.20
No change in our view since our last report after quiet morning European session. USD/JPY is trading in the 114.40-114.90 range. A break below 114.40 is likely to cause 114.10 lows retest later today. If it holds, rebound back towards 114.70 is possible as today markets in USA are closed. A break below 114.10 is needed for test of 113.30-20 area later this week. Any upmove may stay capped by 114.90-115.00 Resistance area. Look to sell on upsticks for a test of 113.30-20 area in the next few days.
Strategy-neutral.
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