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FX Daily Report : October 09, 2012

ByGFM Research
Published 10/09/2012, 03:59 AM
Updated 05/14/2017, 06:45 AM
Market Commentary

The US Dollar traded flat against most of the FX majors except against the Cable wherein the Pound has lost by more than 100 pips yesterday. The benchmark equity index (.DJIA) is currently trading flat at 13594 ranges with immediate resistance seen at 13680 ranges; only daily close below 13110 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 with immediate support seen in 78.70-78.20 ranges. NYMEX Crude slipped again found support at $88.00 ranges to currently trade firm at $90.00. Short term trend is sideways with $87.15 ranges acting as key support and $94.10 range acting as resistance.

Market Commentary
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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