The U.S Dollar weakens against the major FX pairs especially against the Euro and the Cable. But for the weakening of the Japanese Yen vis-à-vis the Greenback and the Common Currency, the Dollar Index (DX) would have tested the lows of 75.50. DX is expected to remain range bound between 76.60 and 75.50 with weaker bias.
Historic correlation between the Dow Jones (DJIA) and DX may not be effective due to decoupling of correlation between the FX majors constituting the Dollar Index.
NYMEX Crude, May basis is trading firm above $108.50, suggesting further bullishness, though it is trading at critical resistance of $108.00-$109.00 ranges.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.4130 1.4175 1.4285 1.4325
USDJPY 83.00 83.66 84.80 85.90
GBPUSD 1.6080 1.6110 1.6335 1.6450
USDCHF 0.9160 0.9210 0.9300 0.9400
EURJPY 117.30 118.30 120.60 121.00
AUDUSD 1.0300 1.0345 1.0421 1.0470
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