20th April, 2011 – Daily Forex report by GFM Research

U.S Dollar resumes bear trend on the event of key equity index (.DJIA) stabilizing at 12100 ranges. The Common Currency appreciated by more than 120 pips; the Cable appreciated by more than 60 pips; and the Aussie Dollar enters the uncharted territory against the Greenback.
The Dow (.DJIA), as expected found support at the major support of 12100. With the Dow taking support at 12100, 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 June basis stabilized at $106 ranges and currently trading at $109.14 ranges.


FX Pair       Support 2        Support 1         Resistance 1        Resistance 2

EURUSD         1.4200              1.4290                1.4420                 1.4500
USDJPY           81.60                82.50                  83.40                   83.80
GBPUSD         1.6220              1.6300                1.6370                  1.6484
USDCHF         0.8900              0.8900                0.9000                  0.9020
EURJPY          117.00              117.50                119.70                  120.15
AUDUSD         1.0440              1.0524                1.0660                     –

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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.