Daily FX Perspective December 11, 2012 – GFM Research

Market Commentary

The US Dollar depreciated across the board on the event of most of the asset classes, especially the benchmark equity index of the Dow Industrials (.DJIA) trading strong. The Dollar Index is currently trading weak at 80.30 after correcting from intermediate resistance of 81.00 ranges.

The benchmark equity index (.DJIA) is currently trading at 13162, with 13300 ranges acting as the short term resistance. Only daily close below 12400 would put major trend in 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    Resistance 1     Support 1         Support 2

EURUSD   Sideways-Up     1.3000          1.2960               1.2900               1.2870
USDJPY    Sideways         82.80            82.50                 81.60                 81.20
GBPUSD   Sideways-Up     1.6130          1.6100               1.6050                1.6020
USDCHF   Sideways          0.9370          0.9340               0.9310                0.9280
EURJPY   Sideways           107.80          107.20              106.00                105.50
AUDUSD   Sideways          1.0540          1.0480              1.0420                1.0380

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