The US Dollar depreciated across the board on the event of most of the asset classes, especially the benchmark equity index of the Dow Industrials (.DJIA) trading strong. The Dollar Index is currently trading weak at 80.30 after correcting from intermediate resistance of 81.00 ranges.
The benchmark equity index (.DJIA) is currently trading at 13162, with 13300 ranges acting as the short term resistance. Only daily close below 12400 would put major trend in jeopardy else as the index consistently trades beyond 13300, major rally reinitiates.
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 Resistance2 Resistance 1 Support 1 Support 2
EURUSD Sideways-Up 1.3000 1.2960 1.2900 1.2870
USDJPY Sideways 82.80 82.50 81.60 81.20
GBPUSD Sideways-Up 1.6130 1.6100 1.6050 1.6020
USDCHF Sideways 0.9370 0.9340 0.9310 0.9280
EURJPY Sideways 107.80 107.20 106.00 105.50
AUDUSD Sideways 1.0540 1.0480 1.0420 1.0380
Disclaimer: This report contains the views of GFM Research Private Limited. This report should not be construed as investment/trading advice. Due care is taken when gathering the data/information and the data sources are believed to be reliable, though GFM Research Private Limited nor its Group Companies guarantee for the same. Trading/investing in financial markets may result in financial and/or emotional stress, a trader/investor is advised to weigh pros and cons of trading/investing. Further disclaimer will be produced on request.