The Dollar Index traded flat on Friday on the event of sideways trading witnessed in the benchmark equity index of the Dow Jones Industrials. Major trend is range bound between 73.40 and 81.20 where as the medium trend is ranged between 77.00 and 79.00. Historic congestion is seen in the ranges of 79.50-80.70-81.20.
The benchmark equity index of the Dow Jones Industrials may trade sideways in the range of 11600 and 12300. Historic correlation between DX Vs DJIA is signifying USD bearishness though 76.20 ranges is expected to act as formidable support; only weekly close below 74.80 would reinitiate long-term USD bearishness.
NYMEX January Crude sold off for the second consecutive day and currently trading at $97.40; daily close below $95.70 would lead to correction to $91.50.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3360 1.3480 1.3510 1.3580
USDJPY 75.80 76.50 77.20 77.40
GBPUSD 1.5630 1.5690 1.5800 1.5860
USDCHF 0.8950 0.9080 0.9270 0.9340
EURJPY 102.10 103.00 104.10 104.60
AUDUSD 0.9860 0.9900 1.0040 1.0070
For trading calls, contact us at
+91-40-40268383
support@gfmresearch.com
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.