6th April, 2011 – Daily Forex report by GFM Research

The U.S Dollar depreciated mare than 200 pips from the lows against the Cable; while the Greenback traded flat against the Euro, Swiss Franc and the Aussie Dollar; the U.S Dollar continued appreciating against the Japanese Yen for the record ten trading sessions.
The Dollar Index (DX) unable to trade beyond the key resistance of 76.60 ranges, remained range bound between 76.60 and 75.50 with weaker bias.
The Dow is trading at historic resistance zone of 12300 to 12400 ranges. 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 $108.20, though it is trading at critical resistance zone of $108.00-$109.00 ranges.


FX Pair        Support 2           Support 1          Resistance 1            Resistance 2

EURUSD           1.4140                1.4185                  1.4285                    1.4345
USDJPY             84.40                  84.80                    85.90                         –
GBPUSD           1.6110                1.6180                  1.6335                    1.6410
USDCHF           0.9100                0.9160                  0.9300                    0.9380
EURJPY            119.20                120.00                  122.30                    124.90
AUDUSD           1.0160                1.0255                  1.0385                    1.0415

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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.