The Dollar Index fall for second consecutive day after entering historic congestion zone of 80.50-81.20. Unusual correlation is observed between the benchmark equity index of the Dow Jones Industrials and the Dollar Index during the past couple of trading sessions, wherein the Dollar has depreciated despite the DJIA trading weak, though the major trend of DJIA is still intact till it holds above 12750 ranges.
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. The trading range is narrowing between $105 and $110.
FX Pair Trend Resistance 2 Resistance 1 Support 1 Support 2
EURUSD Sideways-Up 1.3470 1.3326 1.3246 1.3170
USDJPY Sideways-Up 84.30 83.80 83.50 83.00
GBPUSD Sideways 1.5960 1.5910 1.5795 1.5750
USDCHF Sideways-Down 0.9200 0.9140 0.9080 0.9000
EURJPY Sideways-Up 112.10 111.70 110.00 109.50
AUDUSD Sideways 1.0560 1.0524 1.0400 1.0380
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