17th November, 2011 – Daily Forex Report by GFM Research

Dollar index continued recovery from the short-term support of 76.70; which resulted in profit taking in most of the asset classes. Short-term trend is range between 78.80 and 76.40 where as the medium-term trend is range bound between 81.20 and 74.40. Historic congestion is seen at 79.80-80.40-81.20 ranges, which is expected to act as major resistance.
The benchmark equity index of the Dow Jones Industrials may trade sideways in the range of 11600 and 12300 with positive bias. Historic correlation between DX Vs DJIA is signifying USD bearishness though 74.20 ranges is expected to act as formidable support; only weekly close below 72.80 would reinitiate long-term USD bearishness.
NYMEX December Crude is trading at $102.20 decisively closing above 101.70 signifying further rally to $104.40.


FX Pair        Support 2         Support 1         Resistance 1            Resistance 2


EURUSD          1.3360              1.3400              1.3530                       1.3590
USDJPY            75.80                76.50                77.20                        77.40
GBPUSD          1.5540              1.5635              1.5820                       1.5860
USDCHF          0.9100              0.9130              0.9270                       0.9340
EURJPY           102.10              103.00              104.50                       105.00
AUDUSD          0.9900              0.9990              1.0145                       1.0180


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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.