GFM Research FX Daily Report, Feb 15, 2013


Market Commentary

The Dollar Index (DX) is trading strong at 80.46 ranges with most of the asset classes trading weak or in narrow ranges at their respective resistances; next leg of Dollar weakness is expected only on DX consistently trading below 78.80 ranges else it is poised to test 81.00 ranges and then 81.80 ranges; the benchmark equity index of the Dow Industrials (DJIA) trading tight at 13970 around the psychological resistance of 14000 mark.

 

The benchmark equity index of the Dow Industrials (.DJIA) trading narrow at 13988 with 14000 ranges acting as psychological resistance. The benchmark equity index (.DJIA) after closing above the historic congestion of 13400-13500 gained consistently to currently trade at 13988 ranges with 14000 mark acting as psychological barrier and 14200 ranges being historic high.

 

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-Down

1.3400

1.3365

1.3290

1.3240

USDJPY

Sideways-Down

93.70

93.20

92.40

92.00

GBPUSD

Down

1.5570

1.5520

1.5430

1.5360

USDCHF

Sideways-Up

0.9350

0.9240

0.9200

0.9150

EURJPY

Sideways-Down

126.00

124.90

123.60

AUDUSD

Sideways

1.0410

1.0370

1.0320

1.0300

 

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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.