The US Dollar Index traded flat after it nears important support of 73.40 ranges, most of the asset classes are trading stable after witnessing unprecedented volatility during past couple of weeks especially the equity bourses across the world; the Dow traded sideways after having gained for successive three sessions after major fall witnessed during early this month. The Dollar Index is range bound between 73.40-76.70 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. Since 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 $87.50 ranges; $90.60 ranges may act as immediate resistance for NYMEX Oct Crude.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.4280 1.4360 1.4520 1.4570
USDJPY – 76.00 77.30 78.20
GBPUSD 1.6290 1.6350 1.6480 1.6510
USDCHF 0.7710 0.7840 0.8100 0.8230
EURJPY 109.00 109.70 111.00 111.30
AUDUSD 1.0300 1.0360 1.0524 1.0640
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