The Dollar Index resumes bearish trend after hitting short-term resistance of 80.20 to currently trade at 79.00; daily close below 78.30 may drag the Greenback further lower. The benchmark equity index of the Dow Jones Industrials is trading firm above 13000 mark; consistent close on daily basis would result in new trend.
The long-term trend is still bearish till the Dollar Index does not close above 83.50 on monthly basis. Historic congestion is seen in the ranges of 81.40-83.50. 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 after finding support at $96.00 broke out beyond $102.20 ranges to currently trade at $105.00 ranges with $105.50 still pending objective.
FX Pair Trend Support 2 Support 1 Resistance 1 Resistance 2
EURUSD Sideways 1.3150 1.3200 1.3310 1.3370
USDJPY Sideways-Up 78.90 79.30 79.90 80.80
GBPUSD Sideways 1.5760 1.5800 1.5905 1.6060
USDCHF Sideways-Down 0.8990 0.9070 0.9170 0.9210
EURJPY Sideways-Up 104.00 104.40 106.30 107.40
AUDUSD Sideways-Up 1.0620 1.0690 1.0800 1.0860
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