Daily FX perspective October 09, 2012 – GFM Research

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.

EURUSD    Sideways                    1.3040             1.3000          1.2940          1.2920
USDJPY    Sideways                      79.00               78.80            78.20            77.60
GBPUSD    Down                        1.6140              1.6070          1.6000          1.5920
USDCHF    Sideways-Up               0.9370              0.9350           0.9320         0.9280
EURJPY    Sideways-Down            102.90             102.40           101.20           99.80
AUDUSD   Sideways                     1.0290             1.0260           1.0220         1.0160

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Note:
Economic Data Source: www.briefing.com
GMT- Greenwich Mean Time, ET-Eastern Time (U.S), IST-Indian Standard Time

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