12th April, 2011 – Daily Forex report by GFM Research

U.S Dollar strengthens on the event of profit booking in most of the equity bourses across the world. Correction was seen yesterday in EURUSD, GBPUSD and AUDUSD. The Japanese Yen has strengthened after hitting historic resistance zone of 85.50 on April 06, 2011.
The Dollar Index (DX) unable to trade beyond the key resistance of 76.60 remained weak and fell sharply on breaking of key support at 77.50; currently it is trading at 75.37 ranges.
The Dow is trading at historic resistance zone of 12400 ranges. NYMEX Crude May basis corrected sharply to $110 ranges after making a high of $113.

FX Pair        Support 2        Support 1         Resistance 1         Resistance 2

EURUSD         1.4340              1.4370                1.4470                  1.4550
USDJPY           83.00                83.50                  84.60                    85.00
GBPUSD         1.6190              1.6260                 1.6330                  1.6360
USDCHF         0.8955              0.9004                 0.9120                  0.9160
EURJPY          119.20              119.80                 122.00                  122.40
AUDUSD         1.0250              1.0330                1.0477                   1.0565

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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.