21st February 2011 – FX Daily Report by GFM Research

EURUSD settled higher on Friday at 1.3693 after breaking a key resistance of 1.3640.  The Common Currency can rise to 1.3826 in near-term if sustains above 1.3640. We are expecting the Cable to out perform compared to other constituents of the Dollar Index. USDCHF may find support again in 0.9300-0.9350. Only decisive close below 0.9300 will invite weakness in USDCHF. Dow Jones settled at days high at 12391.25, the most since June 2008.

FX Pair    Support 2        Support 1          Resistance 1          Resistance 2

EURUSD      1.3620            1.3644              1.3826                  1.3948
GBPUSD      1.6070            1.6175              1.6300                  1.6365
USDCHF       0.9300            0.9390              0.9522                  0.9580
USDJPY          82.59              82.96               83.42                    84.02
EURJPY        112.74            113.46              114.20                  114.95
AUDUSD       1.0048            1.0074              1.0213                       –

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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.