The Dollar Index is currently capped between 79.00 and 80.20, resulting in most of the asset classes especially the benchmark equity index of the Dow Jones Industrials trading sideways between 13050 and 12890. Today’s FOMC Rate Decision may give further guidance for the market.
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 $106.90 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 1.3240 1.3210 1.3124 1.3090
USDJPY Up 83.00 82.55 81.80 81.40
GBPUSD Sideways 1.5700 1.5665 1.5620 1.5600
USDCHF Sideways 0.9240 0.9200 0.9140 0.9080
EURJPY Sideways 108.70 108.40 106.70 105.80
AUDUSD Sideways 1.0590 1.0565 1.0510 1.0460
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