The US Dollar Index depreciates on the event of most of the asset classes either stabilizing or posting gains, especially the equity bourses across the world; the Dow has gained for successive third session after major fall witnessed during early this month. The Dollar Index is range bound between 73.40-76.70 ranges; historic correlation between the Dollar Index (DX) and the Dow Jones Industrials (DJIA) suggests long term bearishness in the USD though short covering may be witnessed in near term. Since the Dollar Index is currently capped between 73.40 and 76.70 only weekly close on the either side would establish trend in the respective direction.
Taking queues from the Dow, NYMEX October Crude has hit lows of $76.20 to recover beyond $80.00 to currently trade at $87.40.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.4280 1.4360 1.4520 1.4570
USDJPY – 76.00 77.30 78.20
GBPUSD 1.6250 1.6320 1.6422 1.6470
USDCHF 0.7550 0.7660 0.7900 0.8000
EURJPY 109.00 109.90 111.00 110.30
AUDUSD 1.0300 1.0360 1.0524 1.0640
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