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Daily Forex Forecast

Wed, Sep 3 2008, 07:42 GMT
by FXDream Team

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  • DAILY FX FORECASTS


  • FXDREAM EUR/USD
    Date: Wed, 3 September 2008 07:30:05
    Resistance levels: 1.4500/1.4550/1.4600
    Support levels: 1.4410/1.4370/1.4320
    EUR/USD has reached new lows at 1.4410 earlier today after pullback towards 1.4550 yesterday after US ISM Manifacuring Index Release exactly as it was suggested On downside, the bias remains bearish with next targets at 1.4370 and 1.4320 later today First immediate Support comes at 1.4410 On the other side, a break beyond 1.4490-4500 region is required for deeper recovery towards 1.4550 and 1.4600
  • Strategy-neutral.

  • FXDREAM GBP/USD
    Date: Wed, 3 September 2008 07:30:04
    Resistance levels: 1.7800/1.7890/1.7940
    Support levels: 1.7700/1.7640/1.7550
    GBP/USD has fallen further to 1.7700 Support and new lows over the last trading session Now focus will be on UK PMI Services at 08:30 GMT The consensus is at 47.0 On downside, the bias remians bearish and below 1.7700 eases price further to 1.7640 in short term and 1.7600 later today if the number comes out at 46.0 or more negative and even 1.7300 in longer term On the upside, first important Resistance comes near 1.7800 An upmove beyond that levels is needed for recovey to 1.7880 and 1.7940 If the number comes out at 48.0 or higher, pullback towards 1.7790-7800 area is not ruled out after the event
  • Sell GBP/USD at 1.7700, Stop-loss-1.7740, Take profit-1.7640(1.7580)

  • FXDREAM USD/JPY
    Date: Wed, 3 September 2008 07:30:03
    Resistance levels: 109.10/109.70/110.30
    Support levels: 108.60/108.00/107.60
    USD/JPY has hold below 109.10-20 over the last trading sessions after soft US data yesterday No change in our view The bias has turned into positive for test towards 109.70 and 110.30 over the next trading sessions First Resistance remains near 109.20-20 area On downside, first Support stands at 108.60 Below turns price back to 108.00 lows
  • Strategy-neutral.

  • FXDREAM USD/CHF
    Date: Wed, 3 September 2008 07:30:02
    Resistance levels: 1.1130/1.1170/1.1200
    Support levels: 1.1080/1.1050/1.0970/1.0900
    USD/CHF has reached new highs above 1.1140 earlier today after pullback down to 1.1050 yesteday exactly as it was suggested in our previous report On the upside, the bias remains positive for test of 1.1170 over the next trading sessions and 1.1300 in longer term On downside, first immediate Support comes at 1.1080 ahead of 1.1050 key one
  • Strategy-neutral.

  • FXDREAM EUR/JPY
    Date: Wed, 3 September 2008 07:30:01
    Resistance levels: 157.60/158.40/159.00
    Support levels: 157.00/156.00/155.40
    The Cross has turned towards 157.00 previous bottom earlier today No change in our view. The bias remains negative for test of 155.50-40 area First important Support stands at 157.00 yesterday bottom Below unlocks further ease to 156.00 and 155.40 levels On the upside, above 157.60 is needed for recovery back towards 158.40-50 yesterday highs
  • 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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