Daily Forex Reports | by gfmresearch.com | Thursday, 13 September 2012 06:38 UTC
The US Dollar slipped across the board though with lesser momentum; with all eyes on the Fed policy today, the most of the major pairs are trading flat. Further direction may be established during American session. 78.20-78.90 is now the watch out support for the Dollar Index. The benchmark equity index of the Dow Industrials (.DJIA) is currently trading firm at 13350 ranges only daily close below 13170 would halt rally though 2007 highs of 14000 ranges would act as major barrier.
Historic correlation between DX Vs DJIA suggests the long-term trend is still dollar bearish till the Dollar Index is not closing above 84.50 on monthly basis. Even the medium term trend has turned bearish after the Dollar Index breached 81.00 ranges and the index seems to be heading towards 78.90-78.20 ranges.
NYMEX Crude trading flat at $97.05. The short-term trend is range bound between $94.00 and $98.00; daily close above $98.40 would open door towards $102.00
FX Pair Trend Resistance 2 Resistance 1 Support 1 Support 2
EURUSD Up 1.3020 1.2980 1.2840 1.2780
USDJPY Sideways-Down 78.30 78.00 77.30 76.80
GBPUSD Up 1.6150 1.6130 1.6060 1.6020
USDCHF Down 0.9480 0.9440 0.9320 0.9250
EURJPY Sideways-Up 101.60 101.00 100.00 99.60
AUDUSD Up 1.0560 1.0510 1.0400 1.0360
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.
Forex Market Analysis
Subscribe to Newsletter