The Dollar Index continued to appreciate on the event of profit taking in most of the asset classes. DXZ11 has appreciated to hit day’s high of 77.67 ranges during yesterday’s New York trading session to currently trade at 77.09.
The benchmark equity index of the Dow Jones Industrials continued correction to test important support of 11600 ranges; consistent close above 11800 ranges would reinitiate bull trend to test calendar year highs. Historic correlation between DJIA and DX is suggesting Greenback weakness though it may trade sideways for some time.
In NYMEX December Crude continued correction to find support at $89.20 ranges and is currently trading at $91.50 ranges. Short-term trend remains sideways capped between $89.00 and $95.00.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3580 1.3650 1.3790 1.3920
USDJPY 77.50 77.80 79.10 80.20
GBPUSD 1.5880 1.5940 1.6030 1.6120
USDCHF 0.8700 0.8750 0.8930 0.9020
EURJPY 104.70 105.70 107.80 108.80
AUDUSD 1.0200 1.0275 1.0530 1.0600
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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.