14th April, 2011 – Daily Forex report by GFM Research

U.S Dollar traded flat yesterday against the Common Currency, the Cable and the Aussie Dollar. The Swiss Franc continued strengthening against the Greenback, hitting all time high of 0.8900 made on March 16, 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 75.50; currently it is trading at 74.86 ranges.
The Dow is taking resistance at historic resistance zone of 12400 ranges; 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 $107.31; $105.00 may post important support.

FX Pair      Support 2       Support 1      Resistance 1         Resistance 2

EURUSD        1.4370            1.4420             1.4530                  1.4550
USDJPY          82.50              83.00               84.00                    84.50
GBPUSD        1.6250            1.6319             1.6400                  1.6470
USDCHF             –                0.8900             0.8990                  0.9050
EURJPY         119.20            119.80             121.50                  122.00
AUDUSD        1.0280            1.0330             1.0565                  1.0645

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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.