The Dollar Index ended its loosing streak after hitting major support zone of 76.00-76.50 resulting in correction in the benchmark equity index of DJIA. Though 76.00 ranges are expected to again act important support in medium term; historic resistance in the Dollar Index is seen in the ranges of 79.50 to 80.20 to 81.30.
Key equity index of Dow Jones Industrials (DJIA) after finding support at 10500 ranges rose to test major resistance zone of 11500-11600 and profit booking was witnessed wherein the Dow has lost more than 200 points yesterday. Historic correlation between DJIA Vs DX suggests short-term top being posted in the USD and short-term bottom being posted in the Dow.
In NYMEX November Crude sold off from $88.00 ranges which is immediate resistance zone, price may correct to $82.80 on daily close below $85.50
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3600 1.3700 1.3800 1.3875
USDJPY – 76.00 77.40 78.00
GBPUSD 1.5650 1.5690 1.5840 1.5900
USDCHF 0.8780 0.8860 0.9020 0.9065
EURJPY 103.90 105.00 106.55 108.00
AUDUSD 0.9980 1.0145 1.0270 1.0340
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