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FX Daily Report : November 21, 2013

ByGFM Research
Published 11/21/2013, 04:34 AM
Updated 05/14/2017, 06:45 AM
Market Commentary

The Dollar Index (DX) appreciates after testing critical support of 80.55 ranges to currently trade at 81.20, the short term trend is still range bound between 81.60 and 80.55 with positive bias. Most of the FX majors, especially Dollar Index heavy weights, the Common currency and the Cable are trading at their respective resistances of 1.3570 and 1.6200 ranges respectively, and forming base at lower ranges which may force DX to trade sideways before establishing trend with USD bullish bias.

The benchmark equity index of the Dow Jones Industrials Average (DJIA) is strong above 15800 ranges to currently trade at flat at 15900 ranges, with signs of decreasing momentum though the trend intact DJIA may appreciate to 16900 ranges till it holds 15600 ranges. Historic correlation between DX Vs DJIA suggests Dollar weakness till DX is not closing above 84.50 ranges on weekly basis though the historic correlation between DX Vs DJIA is getting less significant.
FX Pair
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.

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