1st April, 2011 – Daily Forex report by GFM Research

The US Dollar remained soft the Common Currency though profit booking was seen in EURSUD in at recent highs of 1.4230 ranges; the Cable slipped off yesterday highs hit during the European trade to stabilize in the ranges of 1.6020. Dollar Index (DX) is trading at the key resistance of 76.60 ranges; only daily close above 76.70 would post short term bottom, else it may trade range bound between 76.50 and 75.50 with weaker bias. The U.S Dollar is trading firm against the Japanese Yen beyond 82.00 after witnessing huge volatility during mid March, 2011.
The Dow (DJIA) is trading firm though it may face resistance at historic resistance zone of 12300-12400. NYMEX Crude, May basis is trading firm at $107 ranges after finding support at $102.70 ranges, nearing previous resistance zone of $108.00


FX Pair       Support 2        Support 1         Resistance 1         Resistance 2

EURUSD          1.4040             1.4110                 1.4230                  1.4300
USDJPY            82.50               83.00                   84.00                    84.40
GBPUSD          1.6010             1.6020                 1.6130                   1.6200
USDCHF           0.9100             0.9140                 0.9230                  0.9270
EURJPY            116.50            117.20                 118.70                   119.60
AUDUSD          1.0250             1.0290                 1.0350                  113.70

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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.