Daily Forex Forecast

Fri, Jan 4 2008, 13:16 GMT
by FXDream Team

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  • FXDREAM EUR/USD
    Date: Fri, 4 January 2008 13:10:05
    Resistance levels: 1.4750/1.4800/1.4840
    Support levels: 1.4700/1.4650/1.4590
    EUR/USD has traded ranged below 1.4780 yesterday highs Today focus will be on the key US Non Farm Payrolls Numbers at 13:30 GMT The consensus is at 70 K As long as price holds above 1.4650 first important Support the uptrend remains intact for test of 1.4800 and 1.4840 over the next trading sessions if the number comes out at 30 K or more negative at On downside below 1.4650 Support may turn price back to 1.4590-80 area later today on Payrolls numbers at 110 K or higher First minor Support comes around 1.4700
  • Strategy-neutral.
  • FXDREAM GBP/USD
    Date: Fri, 4 January 2008 13:10:04
    Resistance levels: 1.9800/1.9840/1.9880
    Support levels: 1.9700/1.9650/1.9620
    GBP/USD has fallen further below 1.9700 learlier today The bias remains bearish as long as price is below 1.9840 first Resistance for test towards 1.9650 and 1.9620 in short term on stronger than expected data from USA later today On the other side, disappointing data from USA may boost price towards 1.9840 Resistance and even 1.9880 later today First important Resistance comes at 1.9840.
  • Sell GBP/USD at 1.9730,Stop-loss-1.9770,Take profit-1.9650( 1.9620)
  • FXDREAM USD/JPY
    Date: Fri, 4 January 2008 13:10:03
    Resistance levels: 109.80/110.70/111.70
    Support levels: 108.80/108.30/107.20
    USD/JPY still trading below 109.80 first Resistance The downtrend remains intact for further downmove towards 107.20 bottom over the next trading days . First Support comes near 108.80 In short term, retest of 108.20-20 area is not ruled out on weak US Jobless data On the other side, a break above 109.70-80 first Resistance area again is needed for recovery towards 110.70 later today and 111.70-80 area
  • Strategy-neutral.
  • FXDREAM USD/CHF
    Date: Fri, 4 January 2008 13:10:02
    Resistance levels: 1.1200/1.1250/1.1300
    Support levels: 1.1100/1.1070/1.1000
    USD/CHF has formed bottom at 1.1100 earlier today, bouncing back above 1.1150 . The bias remains bearish as long as price is below 1.1200 for test towards 1.1070 later today on disappointing data from USA and 1.1000 in mid term On the upside, a break above 1.1200 first Resistance again is needed for recovery towards 1.1250 and 1.1300 later today on stronger than expected US Jobless data
  • Sell USD/CHf at 1.1130,Stop-loss-1.1170, Take profit-1.1070( 1.1030)
  • FXDREAM EUR/JPY
    Date: Fri, 4 January 2008 13:10:01
    Resistance levels: 161.60/162.70/163.70
    Support levels: 160.00/159.40/158.70
    The Cross still trading below 161.60 first Resistance over the last trading sessions No change in our view. The downtrend remains intact with next targets 159.40 and even 158.70 bottom in longer term. First Support comes at 160.00 On the other side, a break above 161.60 first important Resistance is needed for recovery towards 162.70 over the next trading sessions and 163.50 in longer term
  • Strategy-neutral

Published on  Fri, Jan 4 2008, 13:16 GMT

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These forecasts are based on our reading of the market at the time of writing.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy.Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur. Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.The high degree of leverage can work against you as well as for you.The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.

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