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FX Daily Report : September 25, 2013

ByGFM Research
Published 09/25/2013, 05:27 AM
Updated 05/14/2017, 06:45 AM
Market Commentary

The Dollar Index (DX) is finding stability at 80.00 ranges to currently trade at 80.60 ranges with 81.00-81.20 ranges still posting a formidable resistance. The medium term trend is still weak wherein DX may slip to 79.50 ranges till it consistently trades below 81.20 ranges. Most of the FX majors, especially the common currency and the Cable are trading at their respective resistances, which may hinder the Greenback depreciation.

The benchmark equity index of the Dow Jones Industrials Average (DJIA) unable to close beyond 15700 ranges after the Fed decision not to taper asset buying, started correction to currently trade at 15300 ranges; new leg up is expected as the index consistently trades beyond 15700 ranges; major trend which started in 2009 would be at stake only of it closes consistently below 14500 ranges else the major trend is still intact and is expected to appreciate to 16600-16800 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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