The Dollar Index succumbed to profit taking after hitting historic resistance zone of 81.00 ranges and is currently trading at 79.90 ranges. The medium trend is bullish till 77.50 ranges are holding on weekly closing basis, though 81.40 ranges would act as formidable resistance. Historic congestion is seen in the ranges of 79.50-80.70-81.20.
The benchmark equity index of the Dow Jones has managed to close above 12380 ranges making 12300 as the short-term support. Historic correlation between DX Vs DJIA is signifying USD bearishness in long-term, but if 81.40 is given away on weekly closing basis; long-term bottom would be posted in the USD.
NYMEX Feb Crude has hit short-term target of 102.40 and is consistently trading above 102.40 to currently trade at 102.60; till 101.70 ranges hold on daily closing basis it is poised to reach 104.10 ranges.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.2950 1.3000 1.3060 1.3145
USDJPY 76.00 76.30 76.90 77.20
GBPUSD 1.5505 1.5580 1.5660 1.5720
USDCHF 0.9140 0.9240 0.9360 0.9400
EURJPY 99.00 99.50 100.30 100.60
AUDUSD 1.0200 1.0270 1.0410 1.0450
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