Daily FX perspective November 29, 2012 – GFM Research

The Dollar Index is trading tight at the short term support of 80.00 ranges; it is currently trading at 80.30 ranges; daily close below 79.80 would result in further depreciation of the US Dollar.

The benchmark equity index (.DJIA) recovered off the lows of 12800 to close firm at 12980 ranges; currently it is trading at 13000 ranges. Only daily close below 12400 would put major trend at jeopardy else as the index consistently trades beyond 13300, major rally reinitiates.

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                   1.3030              1.2990          1.2900          1.2860
USDJPY    Sideways-Down            82.80                82.20            81.65            80.80
GBPUSD    Sideways-Up              1.6130              1.6070           1.6000          1.5970
USDCHF    Sideways                   0.9400              0.9340           0.9255          0.9210
EURJPY    Sideways                    107.00              106.40           105.80         105.10
AUDUSD    Sideways-Up             1.0630              1.0540           1.0420          1.0395

GFM  Research Private Limited

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