With the Dow Jones Industrials (.DJIA) unable to sustain above 13000 mark, the Dollar Index may trade sideways between 78.60 and 79.85. Though the major trend of the Greenback is bearish, it may trade sideways some time.
The long-term trend is still bearish till the Dollar Index does not close above 83.50 on monthly basis. Historic congestion is seen in the ranges of 81.40-83.50. 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 after finding support at $96.00 broke out beyond $102.20 ranges to currently trade at $106.10. Historic congestion is seen in the ranges of $106.00-$107.60.
FX Pair Trend Support 2 Support 1 Resistance 1 Resistance 2
EURUSD Sideways 1.3150 1.3210 1.3010 1.3340
USDJPY Sideways 79.50 79.90 80.45 80.80
GBPUSD Sideways 1.5580 1.5640 1.5810 1.5880
USDCHF Sideways 0.8990 0.9060 0.9120 0.9180
EURJPY Sideways-Up 104.90 105.50 106.40 107.40
AUDUSD Sideways 1.0385 1.0590 1.0705 1.0820
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