| DAILY DAILY FX FORECASTS BY FX DREAM |
FXDREAM EUR/USD
Date: Mon, 16 October 2006 13:10:01
Resistance levels: 1.2530/1.2580/1.2615
Support levels: 1.2490/1.2457/1.2400
EUR/USD has remained ranged between 1.2528 and 1.2490 first Support in the last few hours after London Opening. Price is likely to remain in the same range ahead of Bernanke Speech later today at 16:00 GMT. Hawkish tone and signs of further interest rate hike may push price down for test of 1.2460-57 area after the event. On the other side, dovish comments may cause recovery towards 1.2580 first crucial Resistance, giving scope for test of 1.2630 over the next couple of days. Look to sell on a break below 1.2490 after the event for test of 1.2457 and 1.2400 in longer term.
Strategy-neutral.
FXDREAM GBP/USD
Date: Mon, 16 October 2006 13:10:01
Resistance levels: 1.8640/1.8700/1.8740
Support levels: 1.8570/1.8520/1.8460
GBP/USD has recovered back towards 1.8640 crucial Resistance in the morning European trade. Our first target at 1.8535 has been touched for 60 pips profit over the first half of our Short position on Friday. Unfortunately, the rest of the position has been stopped earlier today at 1.8590 for small 5 pips profit. Now market will be waiting for Bernanke Speech later today at 16:00 GMT. A break above 1.8640 after the event may send price higher towards 1.8700 and 1.8740 up target over today and tomorrow. On the other side, hawkish comments may turn price back towards 1.8523 bottom, giving scope for test of 1.8460 and 1.8380 in mid-term. Look to sell a break below 1.8570 after the event for test of 1.8520 and lower, or buy a break above 1.8640 for test of 1.8740.
Buy GBP/USD at 1.8640,Stop-loss-1.8600,Take profit-1.8700(1.8740)
FXDREAM USD/JPY
Date: Mon, 16 October 2006 13:10:01
Resistance levels: 119.70/120.00/120.30
Support levels: 119.08/118.80/118.40
USD/JPY has risen to 119.88 high after US Data Release on Friday, retreating back towards 119.11-08 Support area in the last 2 trading sessions. The sentiment looks bearish for the pair. A break below 119.08 may turn price back towards 118.80 in short term and 118.40 in mid-term. On the other side, as long as price is above 119.08, range trade between 119.10 and 119.88 may be seen several days more.
Strategy-neutral.
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