The Dollar Index is trading at the short term resistance of 81.00-81.20 ranges after the FOMC meeting yesterday. The Dollar Index may again expected to find resistance at 81.00-81.20 ranges from where is sold off during September last.
The benchmark equity index (.DJIA) after slipping below the critical support of 12980 again sold off to currently trade at 12790 ranges; 12700-12800 ranges may act as important support for near term with 12500 ranges acting as medium term support.
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.
FX Pair Trend Resistance 2 Resistance 1 Support 1 Support 2
EURUSD Sideways 1.2820 1.2740 1.2680 1.2650
USDJPY Sideways 80.00 79.70 79.20 78.90
GBPUSD Sideways 1.5970 1.5940 1.5880 1.5820
USDCHF Sideways 0.9530 0.9490 0.9430 0.9360
EURJPY Sideways 102.10 101.70 100.60 100.30
AUDUSD Sideways 1.0540 1.0480 1.0370 1.0340
GFM Research Private Limited
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