9th May, 2011 – Daily Forex Report by GFM Research

The US Dollar appreciated on the event of short covering across the board. It seems that a short-term low has been posted in the dollar index (DX) in the ranges of 72.85; multi year lows of 71.00 ranges would act as major support in near future.
The Dow Jones Industrials (DJIA) is trading consistently above the major support of 12520 ranges but below major resistance zone of 12900-13100, DJIA Vs DX correlation suggests sideways trend with under tone changing USD bullish.
NYMEX Crude June basis after facing stiff resistance at $114.00 upper ranges sold off below the critical support of $110.80 to test major support of $95.00.


FX Pair      Support 2      Support 1      Resistance 1      Resistance 2

EURUSD      1.4180           1.4234              1.4485               1.4580
USDJPY        79.50             80.00                81.50                82.00
GBPUSD      1.6190           1.6260              1.6430               1.6490
USDCHF      0.8660           0.8690              0.8806               0.8858
EURJPY       114.40           115.00             117.60                118.40
AUDUSD      1.0580           1.0705             1.0820                1.0914

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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.