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

The Dollar Index (DXM11) has taken critical support from 73.40 ranges and can trade sideways facing resistance at  74.80-74.90 ranges. For key equity index – Dow Jones Industrials (DJIA), 11600-11700 ranges is expected to act as final support for DJIA. Historic correlation between DJIA Vs DX suggests sideways trend in the Dollar Index with probable short covering in near the near term.
NYMEX Crude July basis is trading in sideways trend between $102.70 and $96.00. $95.00 is expected to act as decent support, only breach of $95.00 would result if further weakness.

FX Pair      Support 2      Support 1      Resistance 1      Resistance 2

EURUSD      1.4075              1.4350            1.4600                 1.4690
USDJPY        79.70                80.10              80.50                  81.00
GBPUSD      1.6130              1.6300            1.6400                 1.6470
USDCHF      0.8250              0.8370            0.8445                 0.8540
EURJPY      115.60              116.20            117.10                 117.40
AUDUSD     1.0510              1.0580            1.0695                 1.0770

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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.