17th February 2011 – FX Daily Report by GFM Research

Dow Jones posted new high of 12303.08, while continuing its choppy session this week, before settling at 12287.72. Dow Jones correlation is suggesting sideways trend to continue with undertone still remaining weak for the USD, though we are expecting USD to strengthen on DJIA falling decisively below 12150 mark. Common currency is supported at 1.3450 though needs to trade above 1.3640 for resuming bull trend. Aussie Dollar, which is well supported above 0.9940, could show further strength. Crude continued its sideways move in $83.80-$86.00 for second consecutive day.

FX Pair        Support 2           Support 1            Resistance 1            Resistance 2

EURUSD         1.3459               1.3530                  1.3639                    1.3664
GBPUSD         1.5960               1.6070                  1.6180                    1.6240
USDCHF         0.9465               0.9536                  0.9653                    0.9753
USDJPY            82.97                 83.49                    83.95                      84.50
EURJPY          112.60               113.07                  113.87                    114.95
AUDUSD         0.9950               1.0014                  1.0075                    1.0171

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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.