10th May, 2011 – Daily Forex Report by GFM Research

Dollar is trading firm after Dollar Index finding support at 72.85 (DX). The Dollar Index is expected to find support at 74.50; on the higher side 76.10 is expected to act as important resistance; weekly close beyond 76.20 ranges would give confirmation of short-term bottoming out.
The Dow Jones Industrials (DJIA) is trading range bound between 12900 and 12500 ranges with weaker bias; the historic correlation between DJIA/DX suggests stronger dollar for couple of days.
NYMEX Crude June basis finding support at $95.00 ranges rose to $103.40 and currently trading weaker at $100.20.


FX Pair       Support 2      Support 1      Resistance 1      Resistance 2

EURUSD        1.4150           1.4234             1.4465                 1.4580
USDJPY          79.50             80.00               81.00                  82.00
GBPUSD        1.6190           1.6260             1.6430                 1.6490
USDCHF        0.8660           0.8710             0.8795                 0.8858
EURJPY        113.40           114.40              116.20                117.00
AUDUSD       1.0680           1.0735              1.0820                1.1000

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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.