| DAILY DAILY FX FORECASTS BY FX DREAM |
FXDREAM EUR/USD
Date: Thu, 5 October 2006 13:10:01
Resistance levels: 1.2718/1.2760/1.2800
Support levels: 1.2680/1.2653/1.2630
EUR/USD has remained ranged between 1.2718 first Resistance and 1.2680 immediate Support ahead and after the ECB Rate Decision earlier today. ECB raised interest rates with 25 basis points as it was suggested, but the news has been already priced in by the market. Now a break below 1.2680 may squeeze price lower towards 1.2653 later today. The key Support comes at 1.2631 bottom. On the upside, a break beyond 1.2718 is needed for resuming the uptrend towards 1.2800 and 1.2829 previous top. Stay aside for now as ranged trade may be seen ahead of the key US Non-Farm Payrolls tomorrow.
Strategy-neutral.
FXDREAM GBP/USD
Date: Thu, 5 October 2006 13:10:03
Resistance levels: 1.8870/1.8918/1.8980
Support levels: 1.8780/1.8750/1.8720
GBP/USD has dropped sharply down towards 1.8780-70 yesterday lows and first Support area as Bank of England remained the repo rate unchanged. The bias remains bearish as long as price is below 1.8840 ahead of US Jobless data tomorrow. A squeeze below 1.8780 may send price lower for test of 1.8750 in short term and 1.8710 in the next trading sessions. Stay Short for test of 1.8750-40 area in short term, moving stop-loss order to entry price as soon as the quote falls below 1.8777 yesterday bottom.
Holding GBP/USD Short at 1.8820,Stop-loss-1.8850,Take profit-1.8740(1.8710)
FXDREAM USD/JPY
Date: Thu, 5 October 2006 13:10:01
Resistance levels: 117.95/118.28/118.42
Support levels: 117.50/117.20/116.90
USD/JPY has remained quiet in the last trading session testing 117.50 first Support. The bias looks bearish now for further fall down towards 117.20 in short term . On the other side, if the Support at 117.50 holds, rebound back towards 118.00 may be seen later today. Stay aside for now.
Strategy-neutral.
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