24th May, 2011 – Daily Forex Report by GFM Research

The Dollar Index (DXM11) reached major resistance zone of 76.50; Weekly close above 76.50 would post short-term bottom. On the lower side, 74.40 is expected to act as critical support for Dollar Index (DXM11), only weekly close below 74.00 would result in continuation of bearish Greenback.
Benchmark equity index of the Dow Jones Industrials (DJIA) is trending sideways with major support at 12200 and resistance at 12800; historic correlation between DX and DJIA suggests sideways trend in Dollar Index.
NYMEX Crude (CLN11) is trading range bound between $105.00 and $95.00; $95.00 ranges is expected to act as important support and $103.50 is expected to act as immediate resistance.

FX Pair      Support 2      Support 1      Resistance 1      Resistance 2

EURUSD       1.3865           1.3970            1.4163                 1.4230
USDJPY         81.20             81.50              82.20                  83.00
GBPUSD       1.5930           1.5990            1.6160                 1.6200
USDCHF       0.8750           0.8820            0.8940                 0.9020
EURJPY       113.00           114.30            115.60                 116.20
AUDUSD      1.0410          1.0500            1.0600                  1.0720

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.