Dollar Index resumes bearish trend on the event of most of the asset classes especially the benchmark equity index of the Dow Jones Industrial Average (.DJIA) appreciating.
Historic correlation between DX Vs DJIA is signifying USD bearishness in long-term. Dow consistently trading above 13000 mark would result in continuation of the bull trend which would put pressure on the Greenback.
The Dollar index may 77.20 on daily close below 78.40 ranges. 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.
NYMEX Feb Crude is trading firm beyond historic congestion of $106.60 to currently trade at $108.60 and is poised to test $110 ranges.
FX Pair Trend Support 2 Support 1 Resistance 1 Resistance 2
EURUSD Sideways 1.3270 1.3030 1.3460 1.3510
USDJPY Sideways 79.50 79.90 81.10 82.00
GBPUSD Sideways 1.5640 1.5710 1.5810 1.5880
USDCHF Sideways 0.8900 0.8970 0.9080 0.9120
EURJPY Sideways-Up 105.80 106.60 107.50 108.50
AUDUSD Sideways 1.0650 1.0705 1.0820 1.0820
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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.