11th February 2011 – FX Daily Report by GFM Research

With the Dow (.DJIA) yielding at the historical congestion zone of 11200 ranges, USD continued its strength across the board especially against the Common Currency, Aussie Dollar, Japanese Yen and Swiss Franc. Except for the Cable which continued to trade range bound, though with weaker bias; 1.6000 ranges acting as minor support, USD is expected to post major trend reversal against most of the majors. Pressure can be seen in most of the asset classes by the virtue of USD strengthening.

Instrument             Trend                    Trading Strategy
EURUSD                     Up                Sell on rise to 1.3620 S/L: Above 1.3660 TGT1: 1.3440 TGT2: 1.3365
GBPUSD                   Down              Range bound between 1.6100 and 1.6000
USDCHF                 Sideways            Buy in the ranges of 0.9.9675-0.9680 S/L: Below 0.9580 TGT1:1.0000
USDJPY                 Sideways            Buy in the ranges of 82.80-82.90 S/L: Below 82..60 TGT: 84.26
EURJPY                      Up                No Trades recommended
AUDUSD                  Down              Sell in the ranges of 1.000 S/L: Above 1.0020 TGT: 0.9915                           

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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.