24th March, 2011 – Daily Forex report by GFM Research

U.S Dollar recovers against most of the major pairs. Yesterday the Greenback appreciated most against the Cable followed buy the Common Currency. The Japanese Yen stabilized against most of the majors after exhibited unprecedented volatility during last week.
Historic correlation between the Dollar (DX) and key equity index of Dow Jones Industrials (DJIA) was not observed yesterday, where in despite DJIA trading stronger, profit taking was witnessed in EURUSD and GBPUSD.
NYMEX Crude May basis is trading firm around $105.50 ranges after finding support at $102 ranges during this week.

 


FX Pair        Support 2          Support 1         Resistance 1          Resistance 2


EURUSD           1.3960               1.4040                1.4138                    1.4154
USDJPY             80.00                 80.50                  81.60                      82.30
GBPUSD               –                    1.6175                1.6275                    1.6307
USDCHF            0.9003               0.9030                0.9135                    0.9200
EURJPY             113.00               113.85                116.31                    116.64
AUDUSD            1.0040               1.0070               1.0200                    1.0275


For trading calls, contact us at
+91-40-40268383
support@gfmresearch.com
www.gfmresearch.com

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.