Market Commentary
The US Dollar appreciated across the board resulting in deep sell of in the benchmark equity index of the Dow Industrials (DJIA). The Dollar Index (DX) is consistently trading above the critical resistance of 81.20 ranges and is poised to test 82.30 ranges.
Deep sell off was seen in DJIA unable to sustain around the psychological resistance of 14000 ranges; on consistently trading below 13800 ranges, it is poised to retest historic congestion observed in the ranges of 13500-13600.
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
Down
1.3220
1.3180
1.3040
1.2910
USDJPY
Sideways-Down
94.00
92.80
91.60
91.00
GBPUSD
Down
1.5300
1.5220
1.5060
1.4950
USDCHF
Sideways-Up
0.9420
0.9350
0.9280
0.9250
EURJPY
Down
124.60
122.40
118.00
117.00
AUDUSD
Sideways-Down
1.0360
1.0290
1.0180
1.0150
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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.