22nd February, 2012 – Daily Forex Report by GFM Research

With the Dow Jones Industrials (.DJIA) unable to sustain above 13000 mark, the Dollar Index may trade sideways between 78.60 and 79.85. Though the major trend of the Greenback is bearish, it may trade sideways for couple of days.
The long-term trend is still bearish till the Dollar Index does not close above 83.50 on monthly basis. Historic congestion is seen in the ranges of 81.40-83.50. Historic correlation between DX Vs DJIA is signifying USD bearishness in long-term, only if 83.50 is given away on monthly closing basis; long-term bottom would be posted in the USD.
NYMEX Feb Crude after finding support at $96.00 broke out beyond $102.20 ranges to currently trade at $106.10. Historic congestion is seen in the ranges of $106.00-$107.60.


FX Pair           Trend            Support 2    Support 1    Resistance 1     Resistance 2


EURUSD         Sideways         1.3150          1.3200             1.3270                1.3320
USDJPY         Sideways           78.90           79.30               80.20                   80.80
GBPUSD        Sideways          1.5660           1.5730            1.5810                1.5880
USDCHF        Sideways          0.8990           0.9070            0.9170                0.9210
EURJPY      Sideways-Up       104.40           105.00            106.30                107.40
AUDUSD       Sideways           1.0385           1.0590            1.0705                 1.0820


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: 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.