| DAILY DAILY FX FORECASTS BY FX DREAM |
FXDREAM EUR/USD
Date: Wed, 6 September 2006 13:10:01
Resistance levels: 1.2880/1.2940/1.2980
Support levels: 1.2800/1.2780/1.2750
EUR/USD has traded ranged between 1.2795 yesterday lows and 1.2835 first immediate Resistance earlier today. In short US ISM Non-Manifacturing Index at 14:00 GMT is likely to determine the next direction. Further downmove towards 1.2753 down limit of the 1.2753-1.2878 range is possible on positive data from USA. Later today we have FEDs Beige Book at 18:00 GMT. The bias remains slightly positive for the pair in longer term for a break above 1.2878 previous high and Resistance needed for further rally towards 1.2940.First minor Resistance comes at 1.2835-40 area. On downside. 1.2780-2755 area provides strong Support. Look to buy on dips for retest of 1.2878 up range limit and higher towards 1.2940.
Buy EUR/USD at 1.2760,Stop-loss-1.2725,Take profit-1.2830(1.2878)
FXDREAM GBP/USD
Date: Wed, 6 September 2006 13:10:01
Resistance levels: 1.8890/1.8950/1.9035
Support levels: 1.8830/1.8775
GBP/USD has dropped heavily down to 1.8830 Support as suggested after a break below 1.8910 previous Support. The sentiment remains negative in short and even further sell-off may be seen down to 1.8780-70 August bottom area. On the upside, first Resistance is at 1.8890 ahead of 1.8950. Look to buy on bottom towards 1.8780-70 area for rebound towards 1.8880-90.
Strategy-neutral.
FXDREAM USD/JPY
Date: Wed, 6 September 2006 13:10:01
Resistance levels: 116.50/117.10/117.50
Support levels: 115.95/115.55/115.30
USD/JPY has recovered beyond 116.50 previous crucial Resistance in the last few hours. Further upmove towards 117.00-10 Resistance area is likely to be seen on positive data from USA later today. On the other side, negative data may turn price back towards 116.00-115.95 area and lower towards 115.55 low ahead of Bank of Japan Meeting.
Strategy-neutral.
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