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FX Daily Report: April 19, 2013

ByGFM Research
Published 04/19/2013, 05:57 AM
Updated 05/14/2017, 06:45 AM
Market Commentary

The DX is above 82.20 ranges consistently, after finding support at the medium term support of 81.80 ranges though it has traded flat most of the day. After most of the FX majors depreciated against the USD on the German court's rejection of the Cyprus bailout, the pair traded stable on Thursday. The Common currency, the Swiss Franc and GBP appreciated mildly.

Dow Industrials (DJIA) is trading consistently beyond all time high of 14200-14300, a historic high made during October 2007. This indicates a new rally is under progress, but the momentum has run out of gas at 14400 ranges. Only a monthly close below 13700 would force us to rethink the bull trend.

The historic DX Vs DJIA correlation suggests the long-term trend is still Dollar bearish, but only while the Dollar Index doesn't close above 84.50 on a monthly basis. The short and medium term trends are bullish.
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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