| DAILY DAILY FX FORECASTS BY FX DREAM |
FXDREAM EUR/USD
Date: Mon, 2 October 2006 13:10:05
Resistance levels: 1.2700/1.2735/1.2780
Support levels: 1.2630/1.2600/1.2570
EUR/USD unable to break above 1.2695 Friday top earlier today. Now markets are focused on US ISM Manifacturing at 14:00 GMT. Market may remain ranged ahead of ECB Rate Decision later this week and US Non Farm Payrolls on Friday. The bias remains negative for test of 1.2630 first crucial Support and 1.2570 in mid-term. On the upside, first immediate Resistance comes in the 1.2695-2700 area ahead of 1.2730-35 strong Resistance region. Look to sell on ISM Number above 55 for test of 1.2630 later today. On the other side, number below 52 would be bearish for US Dollar sending price higher for retest of 1.2715 and 1.2730 later today.
Strategy-neutral.
FXDREAM GBP/USD
Date: Mon, 2 October 2006 13:10:05
Resistance levels: 1.8780/1.8850/1.8915
Support levels: 1.8680/1.8631/1.8600
GBP/USD has retested 1.8750 Friday high level earlier today. Now markets are waiting for US ISM Manifacturing at 14:00 GMT. As long as price is below 1.8780 the bias remains bearish for retest of 1.8631 Friday bottom and 1.8600 down swing level. First minor Support comes at 1.8680. On the other side, a break above 1.8780 would be confirmation for deeper retrace towards 1.8850 and 1.8915 in the upcoming days. Look to sell a breakout below 1.8685-80 area on strong data from USA for test of 1.8600 and 1.8540. On the upside, weak data from USA may send price for test of 1.8780-85 Resistance area later today.
Sell GBP/USD at 1.8685,Stop-loss-1.8720,Take profit-1.8605(1.8550)
FXDREAM USD/JPY
Date: Mon, 2 October 2006 13:10:05
Resistance levels: 118.40/118.75/119.30
Support levels: 117.90/117.50/117.20
USD/JPY has risen further to 118.42 with market Opening in Asia earlier today. The uptrend remains intact as long as price is above 118.00-117.90 first Support area and further upmove towards 118.75 is likely to be seen after US Data Release later today. On downside, a break below 117.90 may ease price back towards 117.50 and 117.30. Look to buy on downsticks for test of 118.75 and higher beyond 119.00.
Strategy-neutral.
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