April 09, 2012 – Forex Daily Report by GFM Research

The Dollar Index is currently range bound between 81.00 and 78.70. Major constituent of the Dollar Index basket, the Euro is trading sideways with bearish undertone, resulting in correction in most of the asset classes, especially the Dow Jones Industrials.
Historic correlation between DJIA Vs DX indicates long-term weakness in the Dollar Index, though monthly close above 83.60 would post long-term bottom in the Greenback.
NYMEX Crude slipped off from the historic congestion zone of $110 ranges and is now trading at historic support zone of $101.00-$102.00 ranges.

FX Pair         Trend          Resistance 2       Resistance 1      Support 1          Support 2

EURUSD    Sideways                1.3170                1.3120              1.2998               1.2960
USDJPY    Sideways-Down          82.10                 81.60                80.90                 80.50
GBPUSD    Sideways                 1.5920               1.5900               1.5850               1.5775
USDCHF    Sideways                  0.9310               0.9270              0.9130                0.9100
EURJPY    Sideways-Down         108.00               107.60               105.70               104.80
AUDUSD   Sideways                  1.0340               1.0315               1.0254               1.0230

GFM Research Private Limited

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.