19th April, 2011 – Daily Forex report by GFM Research

U.S Dollar bounces from the all time low of 74.825 (DXM11) made on April 15, 2011. The Dow Jones Industrials (DJIA) fell from the historic resistance zone of 12400 ranges, resulting in correction in Euro, the Aussie Dollar and the Cable against the Greenback; the Swiss Franc remained subdued though mild support was taken at 0.8900 ranges.
The Dow (.DJIA) is expected to find major support in the ranges of 12100. With the Dow nearing support zone, DJIA Vs DX correlation suggests weakening of the U.S Dollar. Important support of .DJIA is seen at 12100 ranges and key resistance for DX is seen at 76.10 ranges. NYMEX Crude May basis stabilized at $105 ranges and currently trading at $106.92 ranges; breach of $105 would result in further sell off.


FX Pair        Support 2        Support 1         Resistance 1         Resistance 2

EURUSD          1.4080              1.4150                1.4270                  1.4365
USDJPY            80.50                81.60                  83.40                    83.80
GBPUSD          1.6140              1.6210                1.6300                   1.6340
USDCHF          0.8900               0.8900                0.8940                  0.9000
EURJPY           115.00              116.00                119.00                   119.70
AUDUSD          1.0280              1.0330                1.0500                  1.0565

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