13th April, 2011 – Daily Forex report by GFM Research

U.S Dollar traded mixed wherein the Cable has corrected by more than 60 pips and the Swiss Franc has strengthened by about 100 pips; the Greenback has closed flat against the Common Currency and the Aussie Dollar.
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 75.13 ranges.
The Dow is trading at historic resistance zone of 12400 ranges and major support is seen at 12100 ranges. With the Dow nearing support zone, DJIA Vs DX correlation suggests further weakening of the U.S Dollar.
NYMEX Crude May basis continued correction sharply to after making a high of $113 currently it is trading at $106.60.



FX Pair      Support 2        Support 1        Resistance 1        Resistance 2

EURUSD         1.4400             1.4430                 1.4510                1.4550
USDJPY           83.00               83.50                   84.55                  85.00
GBPUSD         1.6160             1.6200                 1.6315                1.6330
USDCHF          0.8900             0.8930                0.9040                 0.9080
EURJPY          119.20              119.80                122.00                 122.40
AUDUSD         1.0280             1.0330                 1.0490                 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.