With most of the asset classes, especially the benchmark equity index of the Dow Jones Industrials (DJIA) trading sideways, the Dollar Index has been trading tight since yesterday. The benchmark equity index of the Dow Jones Industrials is currently trading sideways between 12880 and 13050 ranges, forcing the Greenback to trade sideways.
Historic correlation between DX Vs DJIA suggests the short-term and medium-term trend being sideways where as the long-term trend is still dollar bearish till the Dollar Index is not closing above 83.50 on monthly basis.
NYMEX Crude after hitting $110 is currently trading at $106.80 ranges. Historic congestion is seen at $110.00 ranges and support is seen at $104.20 ranges.
FX Pair Trend Resistance 2 Resistance 1 Support 1 Support 2
EURUSD Sideways-Down 1.3340 1.3280 1.3090 1.3035
USDJPY Sideways-Up 82.10 81.80 81.20 80.90
GBPUSD Sideways-Down 1.5960 1.5910 1.5820 1.5755
USDCHF Sideways-Up 0.9275 0.9225 0.9080 0.9040
EURJPY Sideways 108.45 108.00 106.90 106.60
AUDUSD Sideways-Down 1.0775 1.0730 1.0600 1.0550
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