The US Dollar traded mixed amidst huge sell in most of the asset classes especially in the equities across the world; the Dow has lost about 1000 points during the week. Equities across the world sold off fearing double dip depression. The Dollar Index is heading towards the support of 73.40-74.00 ranges; historic correlation between the Dollar Index (DX) and the Dow Jones Industrials (DJIA) suggests long term bearishness in the USD though short covering may be witnessed in near term.
The Dollar Index is currently capped between 73.40 and 76.70 only weekly close on the either side would establish trend in the respective direction.
Taking queues from the weaker economic recovery across the world, NYMEX Crude October basis tumbled below $80.00 mark to currently trade at $79.30.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3950 1.4070 1.4300 1.4400
USDJPY 77.00 77.50 79.00 80.20
GBPUSD 1.6190 1.6230 1.6340 1.6440
USDCHF 0.7450 0.7500 0.7630 0.7700
EURJPY – 109.00 110.80 111.80
AUDUSD 0.9800 0.9960 1.0200 1.0310
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