Dollar index recovers from the short-term support of 76.70, resulting in profit taking in most of the asset classes. Short-term trend is range between 77.80 and 76.40 where as the medium-term trend is range bound between 78.90 and 74.40. Historic congestion is seen at 79.80-80.40-81.20 ranges, which is expected to act as major resistance.
The benchmark equity index of the Dow Jones Industrials may trade sideways in the range of 11600 and 12300 with positive bias. Historic correlation between DX Vs DJIA is signifying USD bearishness though 74.20 ranges is expected to act as formidable support; only weekly close below 72.80 would reinitiate long-term USD bearishness.
NYMEX December Crude is trading at $98.00; historic congestion is seen in the ranges of $95.50 and $101.70.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3450 1.3530 1.3670 1.3725
USDJPY 75.50 76.30 77.40 77.90
GBPUSD 1.5780 1.5850 1.5940 1.5980
USDCHF 0.8900 0.9030 0.9190 0.9265
EURJPY 103.30 104.40 105.90 106.50
AUDUSD 1.0040 1.0145 1.0240 1.0260
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