The Dollar Index again corrects from 78.00 ranges, resulting in appreciation of most of the asset classes especially the key equity index of the Dow Industrials (DJIA). Medium-term trend is range between 77.80 and 76.40. Immediate resistance in the Dollar Index is seen at 78.00 ranges. Historic congestion is seen at 79.80-80.40-81.20 ranges, which is expected to act as major resistance.
The benchmark equity index of the Dow Jones Industrials may trade sideways in the range of 11600 and 12300 with positive bias. Historic correlation between DX Vs DJIA is signifying USD bearishness though 74.20 ranges is expected to act as formidable support; only weekly close below 72.80 would reinitiate long-term USD bearishness.
NYMEX December Crude is trading at $99.20; historic congestion is seen in the ranges of $95.50 and $101.70.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3650 1.3710 1.3860 1.3890
USDJPY 75.50 76.30 77.40 77.90
GBPUSD 1.5970 1.6020 1.6140 1.6200
USDCHF 0.8860 0.8910 0.9020 0.9080
EURJPY 104.70 105.80 107.30 108.50
AUDUSD 1.0240 1.0270 1.0360 1.0415
For trading calls, contact us at
+91-40-40268383
support@gfmresearch.com
www.gfmresearch.com: 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.
Disclaimer