Daily FX perspective November 15, 2012 – GFM Research

The Dollar Index is trading at 81.20 with 81.00-81.20 ranges still acting as short term resistance after the FOMC meeting yesterday. The Dollar Index is expected to again 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 12590 ranges; 12450-12500 may act 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             1.2770           1.2680          1.2650
USDJPY     Sideways-Up                81.60               81.00             79.90            78.90
GBPUSD    Sideways                    1.5920             1.5890           1.5790          1.5740
USDCHF    Sideways                    0.9540             0.9500           0.9390          0.9360
EURJPY     Sideways-Up               103.80             102.90           101.70          100.90
AUDUSD    Sideways                   1.0490             1.0400            1.0290          1.0260

GFM Research Private Limited

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