Daily FX Perspective December 03, 2012 – GFM Research

Market Commentary
The US Dollar traded mixed bag wherein it has lost against the Euro, the Swiss France but gained against the Aussie and the Japanese Yen. The Dollar Index is trading tight at the short term support of 80.00 ranges; it is currently trading at 79.98 ranges; daily close below 79.80 would result in further depreciation of the US Dollar.

The benchmark equity index (.DJIA) is currently trading at 13056 with 13080 acting as intermediate resistance. 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              Resistance2    Resistance1     Support1  Support2

EURUSD     Sideways-Up          1.3120            1.3060           1.2980       1.2950
USDJPY     Sideways                83.30               82.80             81.80       81.60
GBPUSD     Sideways-Up          1.6100            1.6060           1.5980       1.5950
USDCHF     Sideways               0.9350            0.9300           0.9255       0.9210
EURJPY     Sideways-Up           108.90            107.70           106.50       106.10
AUDUSD    Sideways                1.0540           1.0480           1.0380       1.0330

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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.