Daily Forex Forecast

Tue, May 13 2008, 12:13 GMT
by FXDream Team

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  • FXDREAM EUR/USD
    Date: Tue, 13 May 2008 12:30:05
    Resistance levels: 1.5550/1.5600/1.5640
    Support levels: 1.5410/1.5360/1.5280
  • EUR/USD has eased below 1.5500 earlier today Markets are waiting for US Core Retail Sales numbers at 12:30 GMT The consensus is at 0.2% No change in our view. On downside, the bias remains bearish for further ease towards 1.5220 and 1.5180 in longer term term In short term if the number comes out at 0.6% or higher ease towards 1.5360 may be seen over the next trading sessions On the upside , if the number comes out at -0.2% or lower rebound towards 1.5550 after the event and upmove to 1.5640 in mid term is likely to be seen .
  • Strategy-neutral

  • FXDREAM GBP/USD
    Date: Tue, 13 May 2008 12:30:04
    Resistance levels: 1.9550/1.9600/1.9630/1.9750
    Support levels: 1.9450/1.9400/1.9350
  • GBP/USD has risen to 1.9600 our up target earlier today exactly as it was suggested in our previous report on higher than expected UK Consumer Price Index numbers ( y/y) No change in our view On downside, the bias remains bearish in mid and longer term for test towards 1.9400 and 1.9350 targets First immediate Support remains near 1.9450 Below eases price down towards 1.9350 over today and tomorrow On the upside, rebound to 1.9600 area again is not ruled out and 1.9630 yesterday highs in mid term on disappointing US Retail Sales numbers
  • Strategy-neutral.

  • FXDREAM USD/JPY
    Date: Tue, 13 May 2008 12:30:03
    Resistance levels: 104.00/104.60/105.00
    Support levels: 103.30/102.60/102.20
  • USD/JPY has remained ranged below 104.00 Resistance and above 103.30 first Support over the last trading sessions No change in our view The bias remains bearish for test towards 102.20 and 101.80 in longer term First Support near 103.30 yesterday lows ahead of 102.60 bottom Disappointing data from USA may cause test of 103.00 level after the event On the other side, a break above 104.00 first Resistance signals reversal in the bias and move towards 105.00 later today and 105.60-70 area over the next trading days
  • Strategy-neutral.

  • FXDREAM USD/CHF
    Date: Tue, 13 May 2008 12:30:02
    Resistance levels: 1.0500/1.0580/1.0610
    Support levels: 1.0400/1.0340/1.0300
  • USD/CHF has remained below 1.0500 first important Resistance over the last trading sessions No change in our view. On the upside, we saw rebound towards 1.0470 and 1.0500 key level again Beyond 1.0500 resumes the upmove towards 1.0580 and 1.0610-30 region over today and tomorrow On downside, weak data from uSA may ease price back to t 1.0400 key Support
  • Strategy-neutral.

  • FXDREAM EUR/JPY
    Date: Tue, 13 May 2008 12:30:01
    Resistance levels: 161.00/161.50/162.50
    Support levels: 160.20/159.60/158.60
  • The Cross has eased to 160.20 first our down target earlier today as it was suggested in our previous report Below 160.20 first Support may turn price back to 159.70-60 region later today and back towards 158.60 bottom in longer term On the upside , a break above 161.00 Resistance is required again to resume the upmove towards 162.40-50 area over the next trading days
  • Strategy-neutral.

Published on  Tue, May 13 2008, 12:14 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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