23rd September, 2011 – Daily Forex Report by GFM Research

Dollar Index is just nearing resistance zone of 78.75-79.30 ranges though double dip depression in the US is still glooming resulting in most of the asset classes trading softer especially the equities, the dollar index may go sideways.
Key equity index of the Dow Jones Industrials (DJIA) is expected to find support at 10700; whereas 11500-11600 ranges is expected to act as important resistance; trading consistently below 10700 would result in further extension of fall towards 9700 ranges. Historic correlation between DJIA and DX suggests further strengthening on the Dollar to 78.75-79.30 ranges
NYMEX November Crude after facing resistance at $90.00-$90.50 since last week slipped below critical support of $84.50 resulting in sell off to $80.00 ranges.

FX Pair        Support 2        Support 1         Resistance 1             Resistance 2

EURUSD         1.3280              1.3400                 1.3554                     1.3700
USDJPY             –                     75.94                   76.56                      77.00
GBPUSD         1.5400              1.5660                 1.5730                     1.5927
USDCHF         0.8900              0.8970                 0.9300                     0.9360
EURJPY          101.60              102.20                 103.70                     104.30
AUDUSD         0.9550              0.9680                 0.9860                     0.9922

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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.