The benchmark equity Index of the Dow Jones Industrials has sold off after reaching last year highs of 12850-12900. Historic correlation between DX Vs DJIA is signifying USD bearishness in long-term, only if 83.50 is given away on monthly closing basis; long-term bottom would be posted in the USD.
NYMEX Feb Crude is trading range bound between $101 and $98.00. Correlation between CLH2 and DJIA is again positive after witnessing inverse correlation during past 4-5 trading sessions; the major trend is intact till it manages to close consistently above $89.00 ranges on weekly basis, though short-term trend is signaling mild weakness.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3090 1.3125 1.3200 1.3250
USDJPY 75.70 76.50 76.90 77.30
GBPUSD 1.5630 1.5650 1.5720 1.5780
USDCHF 0.9060 0.9130 0.9220 0.9300
EURJPY 99.40 100.20 101.30 101.70
AUDUSD 1.0440 1.0530 1.0670 1.0720
For trading calls, contact us at
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.