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FX Daily Report : April 08, 2013

ByGFM Research
Published 04/08/2013, 12:26 AM
Updated 05/14/2017, 06:45 AM
Market Commentary

Amidst volatile trading across the asset classes, the U.S. Dollar traded mixed as it depreciated against European majors of the euro, pound and Swiss franc. However, it continued to appreciate against the Japanese yen and the Aussie. The Dollar Index (DX) is becoming range bound between 83.40 on the higher side and 82.40 on the lower side. The U.S. Dollar Index (DX) could trade sideways, with medium and long term resistances seen at 83.40 and 84.20 respectively. Although the trend will stay intact until it manages to hang on above 81.80 ranges, momentum is decreasing.

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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