Daily Forex Forecast

Mon, May 12 2008, 13:05 GMT
by FXDream Team

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  • FXDREAM EUR/USD
    Date: Mon, 12 May 2008 12:30:05
    Resistance levels: 1.5500/1.5550/.5600
    Support levels: 1.5410/1.5360/1.5280
  • EUR/USD has found base at 1.5360 Support earlier today No important fundamental news today No change in our view. On downside, the bias remains bearish for further ease towards 1.5220 and 1.5180 in longer term term First Support again near 1.5410 ahead of 1.5360 daily bottom On the upside , the move above 1.5420 may confirm recovery towards 1.5500 and 1.5550 levels over today and tomorrow
  • Strategy-neutral

  • FXDREAM GBP/USD
    Date: Mon, 12 May 2008 12:30:04
    Resistance levels: 1.9600/1.9650/1.9750
    Support levels: 1.9540/1.9450/1.9350
  • GBP/USD has risen to 1.9600 our target earlier today as it was suggested in our previous report No change in our view On downside, the bias remains bearish in mid and longer term for test towards 1.9400 and 1.9350 longer term targets First immediate Support stands near 1.9540 ahead of 1.9450 key one On the upside, beyond 1.9600 or target squeezes price higher to 1.9650 over the next trading sessions and 1.9740-50 area in mid term
  • Strategy-neutral.

  • FXDREAM USD/JPY
    Date: Mon, 12 May 2008 12:30:03
    Resistance levels: 104.00/104.60/105.00
    Support levels: 103.00/102.60/102.20
  • USD/JPY has retested 102.60 previous bottom earlier today No change in our view The bias remains bearish for test towards 102.20 and 101.80 in longer term First Support near 103.00 ahead of 102.60 lows On the other side, a break above 104.00 first Resistance is required to signal reversal in the bias and move towards 105.00 and 105.60-70 area over the next trading days
  • Strategy-neutral.

  • FXDREAM USD/CHF
    Date: Mon, 12 May 2008 12:30:02
    Resistance levels: 1.0500/1.0580/1.0610
    Support levels: 1.0440/1.0400/1.0350/1.0300
  • USD/CHF has traded flat below 1.0500 first important Resistance earlier today On the upside, we saw rebound towards 1.0470 and 1.0500 key level again earlier today as it was suggested in our previous reports Beyond 1.0500 resumes the upmove towards 1.0580 and 1.0610-30 region over today and tomorrow On downside, first Support stands near 1.0440 ahead of 1.0400 key one
  • Strategy-neutral.

  • FXDREAM EUR/JPY
    Date: Mon, 12 May 2008 12:30:01
    Resistance levels: 161.00/162.00/162.50
    Support levels: 159.60/159.00/158.60/158.20
  • The Cross has formed double bottom at 158.60 Support earlier today and rebound to 160.20 and towards 161.00 our targets earlier today exactly as it was suggested in our previous report As long as price holds above 159.60 further upmove towards 162.40-50 area is not ruled out over the next trading daysOn the other side , first Support stands at 159.60 Below resumes downmove to 158.60 and 158.20
  • Strategy-neutral.

Published on  Mon, May 12 2008, 13:05 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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