Most of the asset classes especially the benchmark equity index of the Dow Jones Industrials, resulting in appreciation of the US Dollar across the board; the Common Currency has lost most against the Greenback as compared to other currencies. 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 1003.30; till 101.70 ranges hold on daily closing basis it is poised to test 104.10 ranges.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.2825 1.2860 1.2950 1.3000
USDJPY 76.00 76.30 76.90 77.20
GBPUSD 1.5505 1.5580 1.5660 1.5720
USDCHF 0.9140 0.9260 0.9470 0.9520
EURJPY 98.00 98.75 99.50 99.80
AUDUSD 1.0200 1.0270 1.0410 1.0450
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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.