The Dollar Index continues correction for the third day on the event of strong equity bourses across the world, especially the benchmark index of the Dow Jones Industrials. The medium trend is bullish till 80.00 ranges are holding on weekly closing basis, though 83.30 ranges would act as formidable resistance. Historic congestion is seen in the ranges of 81.40-83.50.
The benchmark equity index of the Dow Jones has managed to close above 12380 ranges making 12300 as the short-term support; supply may be seen at 2011 highs of 12800-12900 ranges. Historic correlation between DX Vs DJIA is signifying USD bearishness in long-term, but if 83.50 is given away on monthly closing basis; long-term bottom would be posted in the USD.
NYMEX Feb Crude is trading stable since couple of days after correction during last week to currently trade at $101.40; the short-term trend is intact till it is trading closing above $99.00 ranges.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.2760 1.2820 1.2880 1.2930
USDJPY 76.20 76.60 77.20 77.40
GBPUSD 1.5300 1.5370 1.5510 1.5600
USDCHF 0.9220 0.9300 0.9430 0.9500
EURJPY 97.80 98.20 99.20 99.40
AUDUSD 1.0320 1.0350 1.0410 1.0470
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