US Dollar remained strong during the Asian trading session and during most of the European trading session but has lost ground during the U.S trading session on the event of late recovery in the key index of Dow Jones Industrials (DJIA). November, 2010 lows of 75.75 is expected to act as key support for Dollar Index (DX), March basis. DJIA vs DX correlation suggests further strengthening of the Greenback, though 11700 mark in case the key index and 77.50 in case of the Dollar Index have to be breached simultaneously to stimulate further strengthening of the Greenback. Aussie Dollar is consistently trading below our key support of 0.9970; we are expecting Aussie Dollar to strengthen the most against the Greenback as compared to other FX majors.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3840 1.3933 1.4010 1.4082
GBPUSD 1.5980 1.6027 1.6087 1.6115
USDCHF 0.9120 0.9144 0.9200 0.9240
USDJPY 80.44 80.44 81.15 81.50
EURJPY 111.80 112.10 113.87 114.20
AUDUSD 0.9707 0.9826 0.9960 1.0015
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