24th August, 2011 – Daily Forex Report by GFM Research

The Dollar traded flat amidst stable trading observed in most of the asset classes, especially in the equity markets across the World. The Dollar Index is range bound between 73.40-76.70 ranges; historic correlation between the Dollar Index (DX) and the Dow Jones Industrials (DJIA) suggests long term bearishness in the USD though short covering may be witnessed in near term. Since the Dollar Index is currently capped between 73.40 and 76.70 only weekly close on the either side would establish trend in the respective direction.

NYMEX October Crude after it sold off about 8% from $89.00 ranges to on Thursday, bounced off from $79.40 to find support in $81.00 region to currently trade at $85.15

FX Pair        Support 2       Support 1        Resistance 1          Resistance 2

EURUSD          1.4280            1.4380                 1.4520                    1.4670
USDJPY                –                 76.00                   77.30                      78.20
GBPUSD          1.6360            1.6430                 1.6570                    1.6600
USDCHF          0.7630            0.7750                 0.8080                     0.8190
EURJPY           109.00            109.50                 110.90                    111.30
AUDUSD          1.0320            1.0430                 1.0550                    1.0640

GFM Research Private Limited


Disclaimer: This report contains the views of GFM Research Private Limited. 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 Private Limited 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.