| DAILY DAILY FX FORECASTS BY FX DREAM |
FXDREAM EUR/USD
Date: Fri, 13 October 2006 13:10:01
Resistance levels: 1.2580/1.2630/1.2670
Support levels: 1.2517/1.2500/1.2460
EUR/USD has remained range bound between 1.2580 first Resistance and 1.2550 as it was suggested ahead of the important US Retail Sales at 12;30 GMT. Strong data may turn price back towards 1.2517 and 1.2508 bottom, giving scope for test of 1.2460-57 downside target area. On the other side, weak data may send price higher towards 1.2615 immediate Resistance and 1.2630 previous bottom. Look to sell a breakout below 1.2550 for test of 1.2510 and 1.2460 after the event.
Strategy-neutral.
FXDREAM GBP/USD
Date: Fri, 13 October 2006 13:10:01
Resistance levels: 1.8640/1.8740/1.8780
Support levels: 1.8580/1.8510/1.8460
GBP/USD has tested 1.8640 crucial Resistance earlier today, remaining quiet in the hours ahead of US Retail Sales Data in few minutes. A break above 1.8640 is needed as confirmation for deeper retrace towards 1.8740 at least.On the other side, strong data from USA may turn price back towards 1.8510 bottom, giving scope for test of 1.8380 next week. Look to buy a breakout above 1.8640 for test of 1.8740 or sell a break below 1.8580 for test of 1.8535 and 1.8510 after the event.
Sell GBP/USD at 1.8595,Stop-loss-1.8630,Take profit-1.8535(1.8465)
FXDREAM USD/JPY
Date: Fri, 13 October 2006 13:10:01
Resistance levels: 119.70/120.00/120.30
Support levels: 119.15/118.80/118.40
USD/JPY has eased down to 119.11 as Bank of Japan has left rate target at 0.25% as it was expected. . As long as price is below 119.70 there are chances of further fall towards 119.15 and even 118.80 later today. In longer term test of 118.40 key Support also is not ruled out. Only above 119.70 may turn the uptrend towards 120.30 and 121.30 in longer term intact.
Strategy-neutral.
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