30th November, 2011 – Daily Forex Report by GFM Research

The Dollar Index is trading at the previous resistance zone of 79.50 from where it sold off to 74.50 ranges during October. Major trend is range bound between 73.40 and 81.20 where as the medium trend is bullish though 81.20 ranges would act as formidable resistance. Historic congestion is seen in the ranges of 79.50-80.70-81.20.
The benchmark equity index of the Dow Jones Industrials has slid below critical support of 11630 ranges; the undertone is just getting bearish for Dow till 11850 ranges are not given away. Historic correlation between DX Vs DJIA is signifying USD is still bullish in the short-term, though 81.20 need to be given away on weekly basis.
NYMEX January Crude is currently trading at $99.40. Bull trend to resume only on daily closing above $101.70.

FX Pair         Support 2           Support 1          Resistance 1             Resistance 2

EURUSD          1.3220                 1.3305                    1.3440                    1.3470
USDJPY            77.40                   77.70                      78.10                     78.50
GBPUSD          1.5490                 1.5570                    1.5685                    1.5770
USDCHF          0.9080                 0.9130                    0.9200                     0.9280
EURJPY           102.30                 103.50                    104.80                    105.30
AUDUSD          0.9860                 0.9930                    1.0140                    1.0200

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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.