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Daily Forex Forecast

Wed, Aug 6 2008, 07:47 GMT
by FXDream Team

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  • DAILY FX FORECASTS


  • FXDREAM EUR/USD
    Date: Wed, 6 August 2008 07:30:05
    Resistance levels: 1.5515/1.5550/1.5610
    Support levels: 1.5470/1.5410/1.5350
    EUR/USD has recovered to 1.5515 first immediate Resistance over the last tarding sessions as FED has left the rate unchanged at 2.0% as it was sidely expected No important fundamental news today. On the upside, above 1.5550 next Resistance reverses the bias for test of 1.5610 up target over today and tomorrow before the ECB Event on Thursday. On downside, first pivot level comes near 1.5470 Below resumes the downtrend towards 1.5410 next down target
  • Strategy-neutral

  • FXDREAM GBP/USD
    Date: Wed, 6 August 2008 07:30:04
    Resistance levels: 1.9630/1.9720/1.9750
    Support levels: 1.9520/1.9460/1.9360
    GBP/USD has found Support at 1.9520 lows yesterday Now up squeeze for recovery towards 1.9630-40 area may be seen over the next trading sessions Above that area recovers price to 1.9720 over today and tomorrow On downside, the key Support is at 1.9520 bottom Below resumes the downtrend with next tragets at 1.9460 and 1.9360
  • Strategy-neutral.

  • FXDREAM USD/JPY
    Date: Wed, 6 August 2008 07:30:03
    Resistance levels: 108.40/109.00/110.00
    Support levels: 107.80/107.30/107.00/106.50
    USD/JPY has retested 108.40 previous highs over the last trading sessions No change in our view. The crucial Support remains at 107.80 Below turns price back to 107.30 Support and bottom and 106.50 in mid term On the upside, as long as price holds above 107.80 there are chances of further upmove to 109.00 later today and 110.00 in mid term . First Resistance comes at 108.40
  • Strategy-neutral.

  • FXDREAM USD/CHF
    Date: Wed, 6 August 2008 07:30:02
    Resistance levels: 1.0540/1.0600/1.0650
    Support levels: 1.0500/1.0440/1.0400
    USD/CHF has eased to 1.0500 first Support earlier today No change in our view. On the upside, the break above 1.0500 squeezes price towards 1.0540 and 1.0600 in mid term On downside, first minor Support comes at 1.0500 . Below 1.0500 may turn price back towards 1.0450 later today
  • Strategy-neutral.

  • FXDREAM EUR/JPY
    Date: Wed, 6 August 2008 07:30:01
    Resistance levels: 168.00/168.70/169.20
    Support levels: 167.70/167.00/166.30
    The Cross has risen above 168.00 our first suggestion over the last trading sessions . Now there is crucial level near 167.70 On downside, below 167.70 first Support may turn price back to 167.00 bottom and towards 166.30 in mid term On the upside, if the price holds above 167.75-70 region , reversal towards 168.70 and 169.20 highs is not ruled out later today
  • Strategy-neutral.

Archive

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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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