28th April, 2011 – Daily Forex Report by GFM Research

With no Interest Rate by the Fed hike yesterday, the U.S Dollar tumbles to make a new low. The Greenback continued to loose against all the major pair except against the Japanese Yen. Breach of 74.00 ranges in Dollar Index (DXM11) resulted in further weakening of the USD currently trading at 73.105; only consistent daily close above 75.00 ranges would post short-term bottom.
The Dow Jones Industrials (DJIA) is trading consistently above the major support of 12400 ranges, DJIA Vs DX correlation suggests weakening of the U.S Dollar. Caution is spelt out in case of DJIA as it is entering major resistance zone of 12700-12900. Important support for DJIA is seen at 12400 ranges and key resistance for DX is seen at 75.00 ranges. NYMEX Crude June basis is facing stiff resistance at $113.00 upper ranges; $114.00 being major barrier from where correction was witnessed on April 11, 2011.


FX Pair      Support 2      Support 1    Resistance 1     Resistance 2

EURUSD       1.4635            1.4700           1.4850               1.5000
USDJPY         80.70              81.10             82.60                83.40
GBPUSD       1.6540            1.6600           1.6756               1.7000
USDCHF           –                 0.8630           0.8800               0.8845
EURJPY        120.00            120.40           123.00                    –
AUDUSD       1.0760            1.0815           1.1040                    –

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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.