10th February 2011 – FX Daily Report by GFM Research

After breaking the immediate hurdle of 1.3700, Euro posed third straight positive close at 1.3718, though 1.3725 may act as major resistance. AUDUSD settled negative yesterday at 1.0106 – likely to continue price loss in near term and may test 1.0008 and then 0.9937. USDCHF recovered smartly from 0.9340 and it needs to trade above 0.9690 for continuing further momentum. Dow Jones settled marginally up at 12239.89 after surging to 12254.08, the most since June 2008 but there are signs of losing momentum.


Instrument             Trend                    Trading Strategy

EURUSD                     Up            Buy in the ranges of 1.3643-1.3645 Double Sell: Below 1.3605 TGT:1.3840
                                                 Sell in the ranges of 1.3725-1.3728 S/L: Above 1.3760 TGT:1.3645
GBPUSD                   Down          Range bound between 1.6100 and 1.6000
USDCHF                 Sideways       Buy in the ranges of 0.9550-0.9545 S/L: Below 0.9520 TGT1:0.9675
                                                 Sell in the ranges of 0.9650-0.9655 Double Buy: Above 0.9690 TGT:0.9550
USDJPY                 Sideways      Buy in the ranges of 82.35-82.30 S/L: Below 81.75 TGT:82.93 
EURJPY                      Up           Buy in the ranges of 112.30-112.35, double Sell: Below 111.95 TGT:113.80
AUDUSD                  Down         Sell in the ranges of 1.0117-1.0120 S/L:Above 1.0151 TGT:1.0009

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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.