8th April, 2011 – Daily Forex report by GFM Research

The U.S Dollar depreciated traded flat against the Common Currency and the Cable; continued depreciation against the Aussie Dollar and the Swiss France.
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 support. Further weakening of the Dollar Index is expected below 75.30 ranges.
The Dow is trading at historic resistance zone of 12400 ranges. Historic correlation between the Dow Jones (DJIA) and DX suggests range bound trading pattern in DX with negative bias.
NYMEX Crude, May basis is trading firm above $111, after breaking above $109.


FX Pair         Support 2           Support 1         Resistance 1           Resistance 2

EURUSD          1.4280                  1.4340                1.4400                     1.4550
USDJPY            84.40                    84.80                  85.90                          –
GBPUSD          1.6230                  1.6280                1.6380                     1.6440
USDCHF          0.8955                   0.9040                0.9140                    0.9205
EURJPY           120.80                   121.40               123.40                     124.90
AUDUSD          1.0390                  1.0430                1.0600                          –


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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.