The Dollar Index traded flat on Friday on the event of sideways trading witnessed in the benchmark equity index of the Dow Jones Industrials. Major trend is range bound between 73.40 and 81.20 where as the medium trend is ranged between 77.00 and 79.00. Historic congestion is seen in the ranges of 79.50-80.70-81.20.
The benchmark equity index of the Dow Jones Industrials may trade sideways in the range of 11600 and 12300. Historic correlation between DX Vs DJIA is signifying USD bearishness though 76.20 ranges is expected to act as formidable support; only weekly close below 74.80 would reinitiate long-term USD bearishness.
NYMEX January Crude sold off for the second consecutive day and currently trading at $97.40; daily close below $95.70 would lead to correction to $91.50.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3360 1.3480 1.3510 1.3580
USDJPY 75.80 76.50 77.20 77.40
GBPUSD 1.5630 1.5690 1.5800 1.5860
USDCHF 0.8950 0.9080 0.9270 0.9340
EURJPY 102.10 103.00 104.10 104.60
AUDUSD 0.9860 0.9900 1.0040 1.0070
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