11th 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; the historic correlation between DJIA/DX suggests stronger dollar for couple of days.
NYMEX Crude June basis after finding support at $95.00 ranges, and again at $100.00 is trading firm at $104.00 ranges; weekly close above $104.50 would post major bottom at $95.00.

FX Pair      Support 2      Support 1      Resistance 1      Resistance 2

EURUSD      1.4170             1.4234           1.4465                1.4580
USDJPY        80.00               80.50             81.50                 82.00
GBPUSD      1.6190             1.6260           1.6430                1.6490
USDCHF      0.8700             0.8753           0.8890                0.8990
EURJPY      114.40             116.00           117.60                118.40
AUDUSD     1.0740             1.0770           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.