4th April, 2011 – Daily Forex report by GFM Research

The U.S Dollar weakens against the major FX pairs especially against the Euro and the Cable. But for the weakening of the Japanese Yen vis-à-vis the Greenback and the Common Currency, the Dollar Index (DX) would have tested the lows of 75.50. DX is expected to remain range bound between 76.60 and 75.50 with weaker bias.
Historic correlation between the Dow Jones (DJIA) and DX may not be effective due to decoupling of correlation between the FX majors constituting the Dollar Index.
NYMEX Crude, May basis is trading firm above $108.50, suggesting further bullishness, though it is trading at critical resistance of $108.00-$109.00 ranges.


FX Pair        Support 2       Support 1         Resistance 1         Resistance 2

EURUSD         1.4130             1.4175                 1.4285                   1.4325
USDJPY           83.00               83.66                   84.80                     85.90
GBPUSD         1.6080             1.6110                  1.6335                   1.6450
USDCHF         0.9160             0.9210                  0.9300                   0.9400
EURJPY          117.30             118.30                  120.60                   121.00
AUDUSD         1.0300             1.0345                  1.0421                   1.0470

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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.