Daily FX perspective November 14, 2012 – GFM Research

The Dollar Index is trading at the short term resistance of 81.00-81.20 ranges after the FOMC meeting yesterday. The Dollar Index may again expected to find resistance at 81.00-81.20 ranges from where is sold off during September last.

The benchmark equity index (.DJIA) after slipping below the critical support of 12980 again sold off to currently trade at 12790 ranges; 12700-12800 ranges may act as important support for near term with 12500 ranges acting as medium term support.

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.

FX Pair     Trend                   Resistance 2    Resistance 1    Support 1    Support 2

EURUSD     Sideways                        1.2820             1.2740          1.2680           1.2650
USDJPY     Sideways                           80.00              79.70            79.20            78.90
GBPUSD     Sideways                        1.5970             1.5940          1.5880           1.5820
USDCHF     Sideways                         0.9530            0.9490           0.9430          0.9360
EURJPY     Sideways                         102.10             101.70           100.60         100.30
AUDUSD    Sideways                         1.0540             1.0480           1.0370         1.0340

GFM Research Private Limited

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