17th June, 2011 – Daily Forex Report by GFM Research

The US Dollar Index (DXU11) is expected to find support at 75.30 ranges, weekly close below 75.00 ranges would reinitiate long-term weakness in USD else DXU11 is expected to test 77.00. Consistent close above 77.20 would post short-term bottom in the US Dollar.
Key equity index, Dow Jones Industrials (DJIA) has broken important trend line support at 12200 ranges on Friday, June 03,2011 to currently trade at 11950 ranges; 11600-11700 ranges is expected to act as final support for DJIA. Historic correlation between DJIA Vs DX suggests sideways stronger USD for few trading session till the Dow takes support at 11600 ranges.
NYMEX July Crude closed below important support of $95.00 to currently trade at $94.31, consistent close below $95.00 would trigger sell off to $91.00 ranges.


FX Pair      Support 2      Support 1      Resistance 1      Resistance 2


EURUSD      1.3830            1.4020            1.4270                1.4310
USDJPY        80.20              80.50              81.80                 82.30
GBPUSD      1.6020            1.6075            1.6220                1.6260
USDCHF      0.8435            0.8460            0.8555                0.8620
EURJPY      112.00            113.45             114.95                115.30
AUDUSD     1.0430            1.0470             1.0580                1.0620


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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.