11th April, 2011 – Daily Forex report by GFM Research

The U.S Dollar depreciated across the board. The Aussie Dollar and the Euro out performed compared to other FX majors against the Greenback.
The Dollar Index (DX) unable to trade beyond the key resistance of 76.60 ranges, remained weak and fell sharply on breaking of key support at 77.50.
The Dow is trading at historic resistance zone of 12400 ranges. Historic correlation between the Dow Jones (DJIA) and DX suggests range weaker trend to continue in DX.  NYMEX Crude, May basis is trading firm above $112.30, after breaking above $109.


FX Pair         Support 2         Support 1          Resistance 1          Resistance 2

EURUSD         1.4280             1.4360               1.4550                  1.4620
USDJPY           83.50               84.00                 85.20                    85.90
GBPUSD         1.6280             1.6332               1.6430                   1.6440
USDCHF         0.8955              0.9040               0.9130                  0.9160
EURJPY          121.40             122.00               123.40                   124.90
AUDUSD         1.0430             1.0470               1.0600                   1.0655

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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.