The Dollar Index recovered off the European lows during the American trading session on the event of correction/continued fall witnessed in most of the asset classes. 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) is expected to trade range bound between 11600 to 11200 ranges. Historic correlation between DJIA Vs DX suggests short-term top being posted in the USD and short-term bottom being posted in the Dow, though the major trend still remains range bound in the Dow between 11600-10500 ranges.
In NYMEX December Crude found support at $85.50 ranges and closed beyond $88.20; it is expected to become range bound between $87.00 and $90.00, consistent close above $90.00 would establish fresh rally.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3560 1.3600 1.3770 1.3875
USDJPY – 76.00 76.90 77.40
GBPUSD 1.5620 1.5660 1.5750 1.5850
USDCHF 0.8860 0.8990 0.9065 0.9150
EURJPY 103.90 105.00 105.80 106.45
AUDUSD 0.9953 1.0145 1.0230 1.0340
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