22nd February 2011 – FX Daily Report by GFM Research

Dow Jones Industrials (.DJIA) correlation suggests strength for Dollar in very short-term. With Dow showing signs of sell off from historic congestion zone of 12300 ranges, most of the majors showed signs of yielding against the USD. Dow Jones Industrials would continue to guide the Dollar Index (DX); any signs of the Dow peaking would post short-term bottom in USD.

FX Pair       Support 2      Support 1      Resistance 1         Resistance 2

EURUSD         1.3462             1.3540                1.3638               1.3680
GBPUSD         1.6086             1.6170                1.6260               1.6300
USDCHF          0.9300             0.9390                0.9494               0.9525
USDJPY            82.60               82.93                  83.35                84.09
EURJPY           111.40             112.74                113.52              114.21
AUDUSD          0.9909             0.9967                1.0081              1.0207

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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.