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Daily Forex Forecast
Mon, Aug 4 2008, 13:18 GMT
by FXDream Team
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FXDREAM EUR/USD
Date: Mon, 4 August 2008 12:30:05
Resistance levels: 1.5610/1.5650/1.5700/1.5750
Support levels: 1.5550/1.5520/1.5470
EUR/USD has remained ranged earlier today as US Core PCE Index came out higher than expected ( 0.3% ) No change in our view. On the upside, above 1.5610 first Resistance region recovers price up to 1.5650 and then 1.5700 over the next trading sessions . On downside, first Support comes at 1.5550 Below causes eretest of 1.5520-15 bottom area- Strategy-neutral
FXDREAM GBP/USD
Date: Mon, 4 August 2008 12:30:04
Resistance levels: 1.9700/1.9750/1.9780/1.9840
Support levels: 1.9650/1.9580/1.9510
GBP/USD has tested 1.9650 our down target over the last trading sessions exactly as it was suggested Below 1.9650 eases price further down to 1.9590-80 region in mid term First Support comes at 1.9650 On the upside, in short term, recovery to 1.9720 is possible before the next downmove towards 1.5980 , however , a break above 1.9750 is needed to signal reversal towards 1.9840 in mid term.- Strategy-neutral.
FXDREAM USD/JPY
Date: Mon, 4 August 2008 12:30:03
Resistance levels: 107.80/108.40/109.00
Support levels: 107.30/107.00/106.50
USD/JPY has risen above 107.80 previous Resistance , sending price towads 108.40 our up target over the last trading sessions exactly as it was suggested On the upside, the bias remains positive for retest of 108.40 previous highs and 109.00 in mid term In longer term, a break above 108.40 opens territory for test of 110.00 On downside, below 107.80 first Support turns price back to 107.30 Support and bottom- Strategy-neutral.
FXDREAM USD/CHF
Date: Mon, 4 August 2008 12:30:02
Resistance levels: 1.0500/1.0540/1.0600
Support levels: 1.0450/1.0400/1.0350/1.0300
USD/CHF has traded ranged above 1.0450 over the last trading sessions after US Non Farm Payrolls numbers release Our down target remains at 1.0350 in longer term The key Support remains near 1.0300 First one comes near 1.0450 On the upside, first minor Resistance comes at 1.0500 Above that levels squeezes price towards 1.0540 and 1.0600 in mid term- Strategy-neutral.
FXDREAM EUR/JPY
Date: Mon, 4 August 2008 12:30:01
Resistance levels: 168.60/169.20/169.50
Support levels: 168.00/167.00/166.30
The Cross has recovered above 168.30-40 area and even 168.60 earlier today exactly as it was suggested in our previous reports on the break above 167.60 previous pivot poin The price is targeting 169.10-20 previous highs area First immediate Resistance comes at 168.60 On downside, below 168.00 first Support turns price back towards 167.00 last week bottom- Strategy-neutral.
Published on Mon, Aug 4 2008, 13:19 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.Interested in forex trading? forex brokerage firms!
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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. 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. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.