The Dollar Index is trading sideways between 77.30 and 76.40. Immediate resistance in the Dollar Index is seen at 78.00 ranges. Historic congestion is seen at 79.80-80.40-81.20 ranges, which is expected to act as formidable resistance.
The benchmark equity index of the Dow Jones Industrials continued correction to test important support of 11600 ranges; consistent close above 12000 ranges would reinitiate bull trend to test calendar year highs. Historic correlation between DJIA and DX is suggesting USD 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 ay $94.50. 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 1.3830 1.3890
USDJPY 77.50 77.80 79.10 80.20
GBPUSD 1.5920 1.5970 1.6100 1.6200
USDCHF 0.8840 0.8860 0.9030 0.9120
EURJPY 104.70 105.70 108.50 108.80
AUDUSD 1.0145 1.0200 1.0415 1.0530
GFM Research Pvt Ltd
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.
+91-40-40268383
[email protected]
www.gfmresearch.com