13th May, 2011 – Daily Forex Report by GFM Research

With most of the asset classes especially equity bourses  and commodities, finding stability in the lower ranges, the Dollar Index expected to find resistance at 76.10; only 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 though the long-term trend in the Greenback is still bearish.
NYMEX Crude June basis after finding support at $95.00 ranges, is again at $99.34; weekly close above $104.50 the trend may become sideways.

FX Pair     Support 2      Support 1      Resistance 1      Resistance 2

EURUSD       1.4100           1.4170           1.4310                 1.4360
USDJPY         80.00             80.50             81.50                  82.00
GBPUSD       1.6190           1.6230           1.6330                 1.6400
USDCHF       0.8700           0.8770           0.8890                 0.8990
EURJPY       114.00           114.40           115.60                 116.50
AUDUSD      1.0496           1.0573           1.0737                 1.0800

For trading calls, contact us at

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.