7th April, 2011 – Daily Forex report by GFM Research

The Greenback depreciated more than 100 pips against the Euro, but EURUSD is approaching historical resistance zone of 1.4300 ranges. The U.S Dollar depreciated against the Aussie Dollar but remained range bound against the Cable for most part the day.
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; 75.50 may act as formidable support.
The Dow is trading at historic resistance zone of 12300 to 12400 ranges. Historic correlation between the Dow Jones (DJIA) and DX suggests range-bound trading pattern in DX to continue.
NYMEX Crude, May basis is trading firm above $108.50, 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        1.4228             1.4255                1.4360                1.4400
USDJPY           84.40              84.80                  85.90                    –
GBPUSD         1.6180            1.6230                1.6380                1.6410
USDCHF         0.9100            0.9150                0.9324                0.9380
EURJPY         120.00            120.80                122.80                 124.90
AUDUSD        1.0340            1.0380                1.0560                 1.0580

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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.