The US Dollar fell on the event of most of the asset classes finding stability at the lower ranges; most of the equity bourses find support at the week lows. 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 Dow NYMEX October Crude has hit lows of $76.20 to recover beyond $80.00 to currently trade at $82.41.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.4300 1.4350 1.4400 1.4510
USDJPY – 76.50 77.50 78.20
GBPUSD 1.6180 1.6230 1.6340 1.6440
USDCHF – – 0.7460 0.7600
EURJPY 108.50 109.00 110.80 111.80
AUDUSD 1.0150 1.0220 1.0430 1.0570
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.