Daily FX perspective September 13, 2012 – GFM Research

The US Dollar slipped across the board though with lesser momentum; with all eyes on the Fed policy today, the most of the major pairs are trading flat. Further direction may be established during American session. 78.20-78.90 is now the watch out support for the Dollar Index. The benchmark equity index of the Dow Industrials (.DJIA) is currently trading firm at 13350 ranges only daily close below 13170 would halt rally though 2007 highs of 14000 ranges would act as major barrier.

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. Even the medium term trend has turned bearish after the Dollar Index breached 81.00 ranges and the index seems to be heading towards 78.90-78.20 ranges.

NYMEX Crude trading flat at $97.05. The short-term trend is range bound between $94.00 and $98.00; daily close above $98.40 would open door towards $102.00

FX Pair       Trend           Resistance 2    Resistance 1    Support 1    Support 2

EURUSD      Up                         1.3020              1.2980          1.2840          1.2780
USDJPY      Sideways-Down         78.30                78.00            77.30            76.80
GBPUSD      Up                         1.6150              1.6130          1.6060          1.6020
USDCHF      Down                     0.9480              0.9440          0.9320          0.9250
EURJPY      Sideways-Up            101.60               101.00         100.00            99.60
AUDUSD     Up                         1.0560               1.0510         1.0400           1.0360

GFM Research Private Limited

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