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Daily Forex Forecast

By Dec 14, 2006 07:00PM ET
www.investing.com/analysis/technical/daily-forex-forecast-2247
Daily Forex Forecast
By   |  Dec 14, 2006 07:00PM ET
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FXDREAM EUR/USD
Date: Fri, 15 December 2006 13:10:05
Resistance levels: 1.3180/1.3215/1.3275
Support levels: 1.3100/1.3050/1.3020

EUR/USD has dropped below 1.3127 Friday bottom earlier today, testing 1.3100 Support after Eurozone CPI Release. Now markets are waiting for the key news from USA later today- Consumer Price Index at 13:30 GMT, TICs data at 14:00 GMT and Industrial Production at 14:15 GMT. Now the bias remains bearish for the pair. If the Core CPI number comes out at 0.3% or higher we may seen a break below 1.3100 later today down to 1.3050 at least. On the other side, if the core CPI comes out at 0.1% or lower, rebound towards 1.3170-80 area is possible. Look to sell a break below 1.3100 for test of 1.3050 and 1.3020 later today on strong data from USA.

Strategy-neutral.

FXDREAM GBP/USD
Date: Fri, 15 December 2006 13:10:04
Resistance levels: 1.9630/1.9700/1.9730
Support levels: 1.9550/1.9500/1.9465

GBP/USD has fallen further to 1.9555 low after London Opening earlier today.. The bias remains bearish and further downmove towards 1.9500 and even lower for retest of 1.9465 Friday low is likley to be seen later today as long as price is below 1.9630 immediate Resistance and daily high..On the upside, soft data from USA may cause retest of 1.9630-50 area later today. In longer term, however, a break beyond 1.9715-30 cluster is needed for resuming the uptrend towards 1.9800 and 1.9848 previous high. Look to sell a break below 1.9555 on strong data from USA for test of 1.9500 and 1.9465 bottom.

Sell GBP/USD at 1.9555,Stop-loss-1.9590,Take profit-1.9500(1.9465).

FXDREAM USD/JPY
Date: Fri, 15 December 2006 13:10:03
Resistance levels: 118.20/118.53
Support levels: 117.60/117.15/116.70

USD/JPY has risen further to 118.27 high earlier today as it was suggested.. The uptrend remains intact with first immediate Support at 117.60 ahead of 117.15 stronger one. Later today test of 118.50-53 Resistance area and beyond may be seen on strong data from USA. On the other side, pullback down towards 117.60 first Support also is not ruled out on soft US Data. . Look to buy on downsticks for test of 118.50 and higher later today on strong data from USA.

Strategy-neutral.

FXDREAM USD/CHF
Date: Fri, 15 December 2006 13:10:02
Resistance levels: 1.2200/1.2240/1.2270
Support levels: 1.2150/1.2120/1.2080

USD/CHF has soared to 1.2200 earlier today after pullback to 1.2120 . The uptrend remains intact before US Consumer Price Index Release in few minutes. Further rally towards 1.2240 and even higher to 1.2270 may be seen on strong numbers from USA. On downside, poor data may turn price back towards 1.2150 and 1.2120. Look to buy on a break above 1.2200 for test of 1.2270 in near term.

Strategy-neutral.

FXDREAM EUR/JPY
Date: Fri, 15 December 2006 13:10:01
Resistance levels: 155.55/156.00
Support levels: 154.70/154.50/154.20

The Cross has risen beyond 155.00 again after Tankan data in Asia.. No change in our view. Now the bias is back in positive territory for new record highs towards 156.00. On downside, first important Support comes at 154.70 ahead of 154.20-15 key Support area..Trade from Long side for retest of 155.55 and higher towards 156.00.

Strategy-neutral.

Daily Forex Forecast
 

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Daily Forex Forecast

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