The Dollar Index is trading at the short term resistance of 81.00-81.20 ranges a head of the FOMC meeting tomorrow. The Dollar Index may again expected to find resistance at 81.00-81.20 ranges from where is sold off during September last.
The benchmark equity index (.DJIA) after slipping below the critical support of 12980 again sold off to currently trade at 12830 ranges; 12800 ranges may act as important support for near term, daily close below 12800 ranges would drag market to the medium term major support of 12600 ranges.
Historic correlation between DX Vs DJIA suggests the long-term trend is still dollar bearish till the Dollar Index is not closing above 84.50 on monthly basis.
FX Pair Trend Resistance 2 Resistance 1 Support 1 Support 2
EURUSD Sideways 1.2820 1.2800 1.2710 1.2680
USDJPY Sideways 80.00 79.70 79.20 78.90
GBPUSD Sideways 1.6020 1.5940 1.5880 1.5820
USDCHF Sideways 0.9530 0.9490 0.9430 0.9360
EURJPY Sideways 102.10 101.60 100.30 100.00
AUDUSD Sideways 1.0540 1.0440 1.0370 1.0340
GFM Research Private Limited
+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.