18th April, 2011 – Daily Forex report by GFM Research

The U.S Dollar depreciated to all time low of 74.825 despite the Michigan Sentiment rising month-on-month. The Euro is expected to take resistance at the historical resistance zone of 1.4500-1.4550 ranges; Swiss Franc is expected to further appreciate only on the event of daily close below historic high of 0.8900 ranges.
The Dollar Index (DX) is expected to find decent support at 74.80 ranges though the trend remains bearish.
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 stabilized at $106 ranges and currently trading at $108.90

FX Pair        Support 2         Support 1        Resistance 1          Resistance 2

EURUSD          1.4270              1.4320               1.4440                    1.4470
USDJPY            82.00                82.50                 83.40                      83.80
GBPUSD          1.6180              1.6210               1.6320                     1.6470
USDCHF               –                  0.8900               0.8970                     0.9050
EURJPY               –                   118.80               120.55                    121.00
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.