13th March, 2012 – Daily Forex Report by GFM Research

The Dollar Index is currently capped between 79.00 and 80.20, resulting in most of the asset classes especially the benchmark equity index of the Dow Jones Industrials trading sideways between 13050 and 12890. Today’s FOMC Rate Decision may give further guidance for the market.
Historic correlation between DX Vs DJIA suggests the short-term and medium-term trend being sideways where as the long-term trend is still dollar bearish till the Dollar Index is not closing above 83.50 on monthly basis.
NYMEX Crude after hitting $110 is currently trading at $106.90 ranges. Historic congestion is seen at $110.00 ranges and support is seen at $104.20 ranges.

FX Pair             Trend            Resistance 2     Resistance 1     Support 1      Support 2

EURUSD          Sideways               1.3240            1.3210             1.3124            1.3090
USDJPY                Up                      83.00              82.55               81.80              81.40
GBPUSD          Sideways               1.5700            1.5665             1.5620            1.5600
USDCHF          Sideways               0.9240             0.9200             0.9140            0.9080
EURJPY           Sideways               108.70            108.40             106.70            105.80
AUDUSD         Sideways                1.0590            1.0565             1.0510            1.0460

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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.