The Dollar Index again take resistance in the ranges of 79.50 to currently trade at 78.30 resulting in major rally in most of the asset classes especially the benchmark equity index of the Dow Jones Industrials. Major trend is range bound between 73.40 and 81.20 where as the medium trend is bullish though 81.20 ranges would act as formidable resistance. Historic congestion is seen in the ranges of 79.50-80.70-81.20.
The benchmark equity index of the Dow Jones Industrials resumed rally; 12340 ranges post immediate resistance, weekly close beyond 12400 would establish major bull trend. Historic correlation between DX Vs DJIA is signifying USD is still bearish in the long-term, though 81.20 need to be given away on weekly basis.
NYMEX January Crude is currently trading at $100.20. Bull trend to resume only on daily closing above $101.70.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3370 1.3415 1.3500 1.3540
USDJPY 77.00 77.40 78.10 78.50
GBPUSD 1.5590 1.5640 1.5740 1.5800
USDCHF 0.8980 0.9090 0.9280 0.9340
EURJPY 104.00 104.30 105.00 105.30
AUDUSD 1.0080 1.0140 1.0340 1.0405
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