Market Commentary
The US Dollar Index recovers from key support of 79.00 ranges on the event of correction witnessed in most of the asset classes, especially in the benchmark equity index of Dow Industrials (.DJIA). The Dollar Index is currently trading flat at 79.38; only daily close below 79.00 would reinitiate major Dollar weakness.
The benchmark equity index (.DJIA) is currently trading strong at 13237, with 13300-13400 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
Resistance 2
Resistance 1
Support 1
Support 2
EURUSD
Sideways
1.3300
1.3250
1.3180
1.3150
USDJPY
Sideways
84.70
84.45
84.05
83.85
GBPUSD
Sideways
1.6300
1.6270
1.6220
1.6190
USDCHF
Sideways
0.9200
0.9170
0.9080
0.9040
EURJPY
Sideways
112.50
111.80
111.00
110.45
AUDUSD
Sideways-Down
1.0520
1.0480
1.0430
1.0410