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Daily Forex Forecast

Thu, Aug 7 2008, 06:40 GMT
by FXDream Team

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  • DAILY FX FORECASTS


  • FXDREAM EUR/USD
    Date: Thu, 7 August 2008 07:30:05
    Resistance levels: 1.5490/1.5515/1.5550/1.5610
    Support levels: 1.5420/1.5400/1.5350
    EUR/USD has falen below 1.5410 our next down target over the last tarding sessions exactly as it was suggested in our previous report. Today focus will be on ECB Interest Rate Decision at 11:45 GMT and then especially Trichet Comments at 12:30 GMT It is widely expected that they will leave the rate unchanged at 4.25% On the upside, above 1.5490 minor Resistance reverses the bias for test of 1.5550 levels later today and even 1.5610 over today and tomorrow On downside, first pivot level comes near 1.5420 Below resumes the downtrend towards 1.5350 next down target Trade from Long side for test of 1.5550 later today
  • Buy EUR/USD at 1.5460, Stop-loss-1.5420, Take profit-1.5540( 1.5575)

  • FXDREAM GBP/USD
    Date: Thu, 7 August 2008 07:30:04
    Resistance levels: 1.9560/1.9630/1.9720
    Support levels: 1.9500/1.9460/1.9360
    GBP/USD has fallen further towards 1.9460 next Support over the last trading sessions Today focus will be on Bank of Enland Interest Rate Decision at 11:00 GMT It is widely expected they will hold the rate unchanged at 5.% As long as price trades above 1.9500 recovery towards 1.9630-40 area may be seen over the next trading sessions First crucial Resistance comes at 1.9560 On downside, below 1.9500 turns price back to 1.9460 bottom and 1.9360 in mid term Trade from Long side for test towards 1.9630
  • Strategy-neutral.

  • FXDREAM USD/JPY
    Date: Thu, 7 August 2008 07:30:03
    Resistance levels: 109.60/110.00
    Support levels: 108.60/107.80/107.30
    USD/JPY has risen beyond 109.00 our target yesterday towards 110.00 our suggestion over the last trading sessions Currently in short term the bias is neutral. Below 109.30 may turn price back to 108.60 later today On the upside, a break above 109.60-65 first immediate Resistance is needed for test of 110.00 level .
  • Strategy-neutral.

  • FXDREAM USD/CHF
    Date: Thu, 7 August 2008 07:30:02
    Resistance levels: 1.0600/1.0650
    Support levels: 1.0500/1.0470/1.0400
    USD/CHF has tested 1.0600 our next up target yesterday exactly as it was suggested in our previous report Today below 1.0550-40 first minor Support area may ease price to 1.0470 later today On the upisde, an upmove above 1.0600 again is required to signal further rally towards 1.0650 The key Resistance stands at 1.0600
  • Strategy-neutral.

  • FXDREAM EUR/JPY
    Date: Thu, 7 August 2008 07:30:01
    Resistance levels: 169.20/169.70/170.00
    Support levels: 168.60/167.70/167.00/166.30
    The Cross has risen above 169.20 our second up target over the last trading sessions as price has hold above 167.70 crucial level yesterday as it was suggested in our previous reports . The uptrend emains intact for test of 169.70 next Resistance and even 170.00 new record highs later today On downside, first Support comes a shy above 168.60 Below causes pullback down towards 167.70 key one
  • Strategy-neutral.

Archive

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Legal disclaimer and risk disclosure

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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