The Dollar Index is trading at 81.20 with 81.00-81.20 ranges still acting as short term resistance; the USD has traded mixed wherein it has lost more than 50 pips against the Euro and the Swiss Franc, about 40 pips against the Cable where as USD gained by about 100 pips against the Japanese Yen and about 30 pips against the Aussie. The Dollar Index is expected to again find resistance at 81.00-81.20 ranges from where is sold off during September last.
The benchmark equity index (.DJIA) after slipping below the critical support of 12980 continued to sell off to currently trade at 12535 ranges; 12450-12500 may act as medium term support.
Historic correlation between DX Vs DJIA suggests the long-term trend is still dollar bearish till the Dollar Index is not closing above 84.50 on monthly basis.
FX Pair Trend Resistance 2 Resistance 1 Support 1 Support 2
EURUSD Sideways 1.2855 1.2810 1.2710 1.2680
USDJPY Sideways-Up 81.60 81.35 80.40 80.00
GBPUSD Sideways 1.5920 1.5890 1.5830 1.5790
USDCHF Sideways 0.9540 0.9490 0.9390 0.9360
EURJPY Sideways-Up 105.40 104.50 102.80 102.10
AUDUSD Sideways 1.0400 1.0370 1.0290 1.0260
GFM Research Private Limited
+91-40-40268383
[email protected]
www.gfmresearch.com
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.