The benchmark equity Index of the Dow Jones Industrials has appreciated more than 200 points after taking based at 12300 ranges couple of weeks back to currently trade at 12690 ranges; last year highs of 12850-12900 ranges may act as supply zone again. Historic correlation between DX Vs DJIA is signifying USD bearishness in long-term, only if 83.50 is given away on monthly closing basis; long-term bottom would be posted in the USD.
NYMEX Feb Crude is again succumbed to sell off from $102 ranges to currently trade at $99.00. Rare inverse correlation between CLH2 and DJIA is observed during last week; the major trend is intact till it manages to close consistently above $89.00 ranges on weekly basis, though short-term trend is signaling mild weakness.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.2870 1.2950 1.3060 1.3130
USDJPY 77.40 77.70 78.20 78.40
GBPUSD 1.5425 1.5560 1.5640 1.5700
USDCHF 0.9220 0.9260 0.9320 0.9370
EURJPY 99.80 100.50 101.70 102.50
AUDUSD 1.0410 1.0460 1.0550 1.0570
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