| DAILY DAILY FX FORECASTS BY FX DREAM |
FXDREAM EUR/USD
Date: Tue, 9 May 2006 13:10:01
Resistance levels: 1.2730/1.2780/1.2830
Support levels: 1.2650/1.2610/1.2555
EUR/USD has stayed range bound in narrow range in the morning European trade. Today markets may calculate expectations about FEDs interest hike on Wednesday Meeting and Thursday interest rates Announcement. That may give some strength for the US Dollar in the next couples of days. In short term, slight rise to 1.2725-20 first Resistance area may be seen, before the next down wave towards 1.2610-05. Range bound trade is the preferred scenario for today.
Strategy-neutral.
FXDREAM GBP/USD
Date: Tue, 9 May 2006 13:10:01
Resistance levels: 1.8605/1.8688/1.8710
Support levels: 1.8510/1.8470/1.8340
GBP/USD has dipped down towards 1.8510 earlier today after negative news from Europe, but price has found temporary Support around 1.8515-10 area and bounced back towards 1.8600-05. There is strong Resistance region between 1.8605 and 1.8629. It is likely to hold and we may see another downwave towards 1.8470 ahead of FEDs Meeting on Wednseday. Unfortunately, we were stopped at 1.8580 for a 40 pip Loss eralier today. Now we prefer to stay aside as range trade may be seen today.
Strategy-neutral.
FXDREAM USD/JPY
Date: Tue, 9 May 2006 13:10:01
Resistance levels: 112.30/112.80/113.60
Support levels: 111.00/110.60/110.00
USD/JPY has bounced back towards overnights lows. The sentiment remains bearish as long as 112.20-30 crucial Resistance region and yesterdays gap remains intact .Range trade between 111.30 and 112.20 is liklely to be seen today. In longer term we may target 109.00 for the pair.
Strategy-neutral.
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