The Dollar Index is trading tight at the short term support of 80.00 ranges; it is currently trading at 80.30 ranges; daily close below 79.80 would result in further depreciation of the US Dollar.
The benchmark equity index (.DJIA) recovered off the lows of 12800 to close firm at 12980 ranges; currently it is trading at 13000 ranges. Only daily close below 12400 would put major trend at jeopardy else as the index consistently trades beyond 13300, major rally reinitiates.
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 1.3030 1.2990 1.2900 1.2860
USDJPY Sideways-Down 82.80 82.20 81.65 80.80
GBPUSD Sideways-Up 1.6130 1.6070 1.6000 1.5970
USDCHF Sideways 0.9400 0.9340 0.9255 0.9210
EURJPY Sideways 107.00 106.40 105.80 105.10
AUDUSD Sideways-Up 1.0630 1.0540 1.0420 1.0395
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.