29th March, 2011 – Daily Forex report by GFM Research

Dollar Index (DX) is trading at the key resistance of 76.60 ranges; DX consistently trading above 76.70 would post short term bottom, else it may trade range bound between 76.50 and 75.50. The Greenback is trading mixed against the other majors wherein short covering was witnessed in the Common Currency and the Aussie Dollar remained strong for most of the trading session, before it was succumbed to profit taking; the Cable was weakest of the major pairs, it fell for the fourth successive day loosing more than 60 pips by the end of U.S trade.
The Dow (DJIA) is trading firm though it may face resistance at historic resistance zone of 12300. NYMEX Crude, May basis is expected to find major resistance at $106 ranges.

 


FX Pair      Support 2          Support 1            Resistance 1           Resistance 2


EURUSD         1.4018               1.4074                    1.4116                      1.4173
USDJPY            81.20                81.50                      82.20                        83.50
GBPUSD          1.5895               1.5960                   1.6078                       1.6145
USDCHF          0.9123               0.9134                    0.9175                      0.9230
EURJPY           114.15               114.70                   116.00                       116.84
AUDUSD         1.0180                1.0216                   1.0320                           –


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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.