8th March 2011 – FX Daily Report by GFM Research

EURUSD though lost some shine yesterday in range bound market but likely to maintain momentum on upside unless it closes below 1.3900 on daily charts. Cable faced resistance at 1.6343 against Greenback and settled 146 pips lower from day’s high of 1.6341. For posing further upside now Cable needs to close and sustain above 1.6347, else correction towards 1.5920 is likely. USDCHF if closes above 0.9355 on daily charts, short-term bottom may be posted. Dow Jones closed lower at 12089.66 but remained well in 11983-12284 range. Break below 11800 ranges would hamper the rally started during August, 2010 which may give further trigger to the major FX pairs.

 


FX Pair          Support 2         Support 1         Resistance 1         Resistance 2


EURUSD            1.3913                1.3948               1.4046                    1.4156
GBPUSD            1.6145                1.6172               1.6250                    1.6347
USDCHF             0.9200                0.9260               0.9316                    0.9340
USDJPY               81.50                  82.22                82.75                      83.94
EURJPY              113.50                114.60              115.60                    116.10
AUDUSD             1.0020               1.0075               1.0215                         –


For trading calls, contact us at
+91-40-40268383
[email protected]
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.