18th February 2011 – FX Daily Report by GFM Research

Dollar lost ground against most of the major pairs yesterday after weaker than expected US economic numbers. Jobless Claims (Initial Claims) recorded higher at 410,000 for the week ending February 12, 2011 against previous release of 383,000; Consumer Price Index for January increased to 0.4%, due to steep rise in energy and food prices during the month of December. The Common currency settled near high at 1.3623. We are expecting further raise in EURUSD on constantly trading beyond 1.3650 ranges. Cable may rise to 1.6267, if it sustains above 1.6054. Crude oil settled higher at $86.38 after breaking consolidation range of $83.80-$86 and could surge to $87.7-$88.50 in short-term. 

FX Pair          Support 2          Support 1             Resistance 1            Resistance 2

EURUSD          1.3459               1.3530                   1.3640                    1.3664
GBPUSD          1.6054               1.6120                   1.6189                    1.6267
USDCHF          0.9300               0.9465                   0.9527                    0.9590
USDJPY             82.59                 83.00                     83.40                      83.99
EURJPY           112.66               113.14                   113.95                     114.95
AUDUSD          0.9955               1.0052                   1.0162                     1.0203

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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.