23rd February, 2012 – Daily Forex Report by GFM Research

With the Dow Jones Industrials (.DJIA) unable to sustain above 13000 mark, the Dollar Index may trade sideways between 78.60 and 79.85. Though the major trend of the Greenback is bearish, it may trade sideways some time.
The long-term trend is still bearish till the Dollar Index does not close above 83.50 on monthly basis. Historic congestion is seen in the ranges of 81.40-83.50. Historic correlation between DX Vs DJIA is signifying USD bearishness in long-term, only if 83.50 is given away on monthly closing basis; long-term bottom would be posted in the USD.
NYMEX Feb Crude after finding support at $96.00 broke out beyond $102.20 ranges to currently trade at $106.10. Historic congestion is seen in the ranges of $106.00-$107.60.


FX Pair          Trend             Support 2      Support 1      Resistance 1     Resistance 2


EURUSD       Sideways            1.3150            1.3210             1.3010                1.3340
USDJPY       Sideways               79.50             79.90               80.45                  80.80
GBPUSD      Sideways             1.5580            1.5640             1.5810                1.5880
USDCHF      Sideways             0.8990            0.9060             0.9120                0.9180
EURJPY    Sideways-Up           104.90            105.50             106.40                107.40
AUDUSD    Sideways               1.0385            1.0590             1.0705                1.0820


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: 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.