23rd February 2011 – FX Daily Report by GFM Research

Common currency settled marginally lower at 1.3672 and showed sharp recovery from day’s low of 1.3525. Till it trades above 1.3428, we don’t see any major correction in EURUSD, 1.3744, high of 09th February 2011, is immediate hurdle and beyond which short-term upside towards 1.3860 can be seen. Cable faced resistance again in 1.6265-1.6300 area to correct till 1.6135 ranges though we are expecting the trend to remain intact till it bids above 1.6080 ranges. Dow Jones corrected the most since 25th November 2010 and settled 1.45 percent lower at 12212.56, daily close below key support of 12130 in DJ will signal major correction in coming days. Crude oil closed lower first time in five days at $95.59 off $2.82 from two years high of $98.41.


FX Pair     Support 2      Support 1      Resistance 1          Resistance 2

EURUSD        1.3466           1.3645             1.3744                  1.3865
GBPUSD        1.5906           1.6099             1.6180                  1.6292
USDCHF        0.9300            0.9350            0.9430                  0.9518
USDJPY          81.27             82.00               82.94                   83.20
EURJPY         111.40           112.74             113.54                  114.23
AUDUSD        0.9904           0.9965             1.0055                  1.0207

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