25th April, 2011 – Daily Forex report by GFM Research

The U.S Dollar continued depreciating after breaking critical support of 74.825. Bear trend seems to sustain till the daily close is not beyond 75.20. Only daily close above 75.60 would post short-term bottom.
The Dow Jones Industrials (DJIA) is trading consistently above the major support of 12400 ranges, DJIA Vs DX (Dollar Index) correlation suggests weakening of the U.S Dollar. Caution is spelt out in case of DJIA as it is entering major resistance zone of 12500-12700. Important support for DJIA is seen at 12400 ranges and key resistance for DX is seen at 75.50 ranges. NYMEX Crude June basis stabilized at $106 ranges and currently trading at $112.70 ranges.


FX Pair       Support 2       Support 1        Resistance 1            Resistance 2

EURUSD          1.4430            1.4500                1.4630                       1.4715
USDJPY             80.70             81.50                  82.60                         83.40
GBPUSD           1.6390           1.6460                1.6580                        1.6672
USDCHF           0.8740            0.8770                0.8900                       0.8956
EURJPY            118.50           119.00                120.70                        121.30
AUDUSD           1.0630           1.0690                1.0778                            –

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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.