23rd March, 2011 – Daily Forex report by GFM Research

FX market stabilized yesterday after witnessing choppy volatile trading sessions during past couple of days. Most of the FX pairs are showing signs of subdued volatility. Most FX pairs returned to the levels they were trading at before the tsunami which shook northern Japan. Most of the world indices also returned to the levels prior March 15, 2011, further direction in key equity indices would provide impetus for the FX pairs.
NYMEX Crude May basis is trading firm above $104.70 ranges after finding support at $102 ranges.

 


FX Pair         Support 2            Support 1          Resistance 1            Resistance 2


EURUSD           1.4090                 1.4165                 1.4254                      1.4310
GBPUSD           1.6180                 1.6260                 1.6410                      1.6450
USDCHF           0.8950                 0.9003                 0.9080                      0.9100
USDJPY             80.00                   80.50                   81.60                        82.00
EURJPY            113.00                 113.85                 116.31                      116.64
AUDUSD           0.9935                 1.0040                 1.0100                      1.0142


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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.