08-Feb-2011 : FX Daily Report by GFM Research

EURUSD fared some of the losses after falling to day’s low of 1.3508 and closed marginally on a positive note yesterday at 1.3593 against previous close of 1.3583. Dow Jones continued the rally for 6th consecutive day and settled 0.57 percent up at 12161.63 against previous close of 12091.77. Egypt crisis continued pressure on Crude oil prices, which tumbled almost $5 in last 6 days and closed at $87.42 yesterday. Copper fell due to profit booking at higher level after posing a new life time high of $4.6375 on COMEX. In case of EURUSD, till it trades above major support of 1.3488, medium term corrective pullback can be expected. Traders holding long in AUDUSD are advised to trail below 1.0083.

Instrument           Trend                      Trading Strategy

EURUSD               Sideways Up          Buy in the ranges of 1.3558-1.3562 Double Sell: Below 1.3488 TGT1:1.3645 TGT2:1.3675
GBPUSD               Sideways              Sell in the ranges of 1.6228-1.6230 S/L: Above 1.6280 TGT:1.5980
USDCHF                    Up                  Buy at 0.9525-0.9528 S/L: Below 0.9450 TGT:0.9680
USDJPY                Sideways             Buy in the ranges of 81.75-81.80 S/L: Below 80.93 TGT1: 82.40 TGT2:82.92 
EURJPY                    Up                   Buy in the ranges of 111.58-111.55, Double Sell: Below 110.77 TGT:113.94 
AUDUSD               Sideways             Buy in the ranges of 1.0132-1.0125 Double Sell: Below 1.0083 TGT:1.0208

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Disclaimer: This report contains the viewpoints of GFM Research. This report should not be construed as investment/trading advice. Due care is taken when gathering the data/information and the data sources are believed to be reliable, though GFM Research nor its Group Companies guarantee for the same. Trading/investing in financial markets may result in financial and/or emotional stress, a trader/investor is advised to weigh pros and cons of trading/investing. Further disclaimer will be produced on request.